The Bank of New York Selected to Provide Global Custody Services to Bolsa de Valores de Montevideo

NEW YORK--The Bank of New York, a global leader in securities servicing, has been appointed by Bolsa de Valores de Montevideo (BVM), the central depository of Uruguay, as global custodian for its $500 million in U.S. and global fixed income assets.

Angel Urraburu, president of BVM, said, "We selected The Bank of New York because of its commitment to Latin America and are confident that we will benefit from its processing expertise and regional support. Its services will augment our current operational infrastructure and allow us to more aggressively buy securities in the U.S. market."

Javier I. de Ussel, managing director and division manager of The Bank of New York's Latin America Division, said, "We have become one of the premier providers of global custody services to central securities depositories (CSD) across Latin America, with more than $3 billion in assets under custody for CSDs. We are delighted that BVM will have full access to our global custody capabilities to help them manage their assets and achieve their business objectives."

Bolsa De Valores de Montevideo is the stock exchange and central securities depository in Uruguay. BVM was created in 1867 and created its central securities depository in 1997. BVM provides all the securities clearing and settlement services for its members and on behalf of their customers. Some of its participants include banks, stock exchanges, mutual fund companies, pension funds, government banks and insurance companies. BVM currently holds approximately $800 million under custody.

The Bank of New York has been conducting business in Latin America for over 100 years. The Company has representative offices in Argentina, Mexico and Brazil, and offers a full range of securities servicing, global payments, asset management and trade finance products. The Bank is committed to Latin America and to growing its business as the capital markets develop in the region.

The Bank of New York Company, Inc. (NYSE: BK) is a global leader in providing a comprehensive array of services that enable institutions and individuals to move and manage their financial assets in more than 100 markets worldwide. The Company has a long tradition of collaborating with clients to deliver innovative solutions through its core competencies: securities servicing, treasury management, investment management, and individual & regional banking services. The Company's extensive global client base includes a broad range of leading financial institutions, corporations, government entities, endowments and foundations. Its principal subsidiary, The Bank of New York, founded in 1784, is the oldest bank in the United States and has consistently played a prominent role in the evolution of financial markets worldwide.

What are people saying about mortgages today:

Rates on 30-year mortgages edged down last week to a seven-month low. Mortgage-giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages fell to 6.3 percent, down slightly from 6.31 percent two weeks ago. It put rates at the lowest level since they were at 6.24 percent the first week of March.

Bank of Hawaii, Central Pacific Bank, Territorial Savings Bank and Wells Fargo Home Mortgages all cut their 30-year mortgage rates to 5.75 percent this week.

Most people think of a mortgage as a means to an end. After all, you buy a house, not a home loan. But a mortgage is much more than the path to homeownership. It is a financial instrument that must be managed, just like any other financial investment.