Pronet Analytics announces "Spitzer Settlement Solution", a service to assist banks in fulfilling Spitzer Settlement requirements

Pronet Analytics is preparing to launch an equities research service to assist banks to meet the requirements of the settlement reached between New York Attorney General Spitzer and ten of Wall Street’s most prominent banks.

The settlement, which addresses conflict-of-interest charges, was finalised last month and requires that named banks provide to their clients research sourced from external, independent firms.

The Pronet service, under the working title of “Spitzer Settlement Solution”, or S3™, will initially cover about 600 equities – the constituents of the S&P500 and Nasdaq100 indexes – and combines live updating graphics with short, medium and long term strategies from Pronet’s top-ranked analysts. The combination of live graphics with the strategies will provide opportunities for users to trigger trades, having evaluated Pronet’s recommendations in conjunction with the analysis provided from other sources.

Other services from Pronet address spot FX and exchange traded interest rate derivatives.

Pronet CEO Shane Smith commented "From our dialogue with a number of banks it is clear that there is demand for research from external, independent sources to help to differentiate each banks’ offering to its clients. The technical bias of our approach means that it is totally objective and our status as a regulated firm is a big plus-point in terms of quality of service. The "live" character of our service means that it is not just an overhead for the bank – we have built-in intelligence so that in addition to helping inform sensible investment decisions, and leading to order flow, it can report back to the bank in real-time on the research that most clients are using".

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