Swiss Bank Corp.'s Trading Unit a Go

NEW YORK - Swiss Bank Corp. said its subsidiary, SBC Capital Markets Inc., has become fully operational.

The Federal Reserve Board gave Swiss Bank its approval in December to expand its securities dealings. The bank can now engage in a wide range of activities through the subsidiary, including underwriting and dealing in debt and equity securities; trading in futures, options, and options on futures on financial and nonfinancial commodities and arranging swaps and related derivative products based on interest rates, foreign currencies, commodity prices, and stock and bond indexes.

Swiss Bank also can now provide investment and futures advisory services, M&A advisory services, and trading in gold, silver, and platinum. The subsidiary will be a member of the New York Stock Exchange and a member of all leading stock and commodities exchanges in the United States.

The approval and formation of the subsidiary also allows Swiss Bank to complete its integration of the O'Connor Partnerships, by adding O'Connor's U.S. securities trading unit.

SBC Capital Markets Inc. is an amalgamation of several former U.S. subsidiaries of Swiss Bank Corp., as well as O'Connor & Associates. It will have 650 employees and will be based in New York with a principal office in Chicago, and others in Philadelphia and San Francisco.

Peter Ianello, a former partner in the O'Connor Organization and managing director in charge of global operations for Swiss Bank Corp.'s Capital Markets and Treasury Group, will be president and chief executive of SBC Capital Markets Inc.

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