Wilmington Trust Expands Financial Offerings with WTauctions.com Site Created and Maintained by Grant Street GroupMay 29, 2001
WILMINGTON, Del. — (BUSINESS WIRE) — May 29, 2001via NewsEdge Corporation – Wilmington Trust introduced the financial industry’s first online transaction Website connecting brokers-dealers, issuers, and indenture trustees of auction reset securities, a frequent investment option for corporations and high-net-worth individuals.
Through wtauctions.com, Wilmington Trust enters the $50 billion auction reset securities market. Traditionally, most other providers facilitate transactions using less timely and less secure processing methods, such as fax machines and e-mail. By using wtauctions.com, however, investors are assured a secure real-time flow of information among broker-dealers, issuers, and indenture trustees.
“Automating the cumbersome auction reset exchange process makes it a tremendously more appealing option for both investors and issuers,” said Michael Diaz, a vice president in Wilmington Trusts specialty corporate trust business, who is spearheading the sales effort for wtauctions.com. “This service not only makes these highly complex financial transactions easier to execute, but also makes them more profitable for investors and issuers alike.”
Using Web-based technology, wtauctions.com sets the standard for serving as auction agent for auction reset securities. These securities carry floating rates that are reset by a series of Dutch Auctions in the broker-dealer community. As the auction agent, Wilmington Trust receives the bids, calculates the winning rate, and settles the securities with the Depository Trust Company, all within a matter of minutes.
Reports are customized by a user profile, secured by the most advanced encryption technology, and are available 24 hours a day, 7 days a week over the Web. “It shouldn’t be a surprise that Wilmington Trust is first to the Web in delivering instant exchanges and greater security for high-net-worth transactions,” Diaz said. “We entered this finance segment to help facilitate its growth by creating a state-of-the-art auction system the first of its kind.”
About Wilmington Trust
Wilmington Trust Company, a wholly owned subsidiary of Wilmington Trust Corporation (NYSE:WL), was founded in 1903. The company provides wealth management, corporate trust, and commercial banking services to customers throughout the United States and in more than 50 other countries online and from offices in California, Delaware, Florida, Maryland, Nevada, New York, Pennsylvania, London, and the Cayman and Channel Islands. For more information about Wilmington Trust, visit www.wilmingtontrust.com.