Two Dublin stockbrokers have outsourced their back-office operations to a Bank of New York subsidiary.

Pershing Securities will provide both Goodbody's and Bloxham's with a fully outsourced trading, clearing and settlement service. The decision, formally announced last night, is the first time an Irish stockbroker has outsourced part of its back-office operation.

Goodbody managing partner Mr Roy Barrett said Pershing had gone to some lengths to ensure its system was tailored to its exact needs.

Mr Angus McDonnell, managing partner at Bloxham, said: "By appointing Pershing, we are able to focus our entire attention on delivering a first-class stockbroking service to our clients."

He said Pershing had demonstrated a real commitment to becoming the leading service-provider in the Irish market. Ireland is the first euro-zone country targeted by Pershing Securities.

"While Irish financial houses have been behind their US and UK counterparts in looking at the possibilities of outsourcing, they are ahead of their European counterparts," said Mr Frank La Salla, managing director of Pershing's global securities services group.

Pershing provides outsourcing services to nearly 1,100 financial services organisations worldwide.