Bank of New York, one of the world's largest custodians, has announced the formation of BNY ESI International, based in London. It is to become the bank's international brokerage arm, with the ability to execute and clear trades in over 40 international markets. It will provide institutions with access to comprehensive agency brokerage services, as part of BNY's straight through execution and Processing (STEP) platform. Dipak Rajani, formerly of Dresdner Kleinwort Benson, and Gareth Jones of Brown, Shipley & Co, have joined BNY ESI to establish the trading desk. With more than 15 years' experience in dealing in the international markets, they will be responsible for developing business throughout Europe.