Northern Trust Corp. is partnering with the parent of the New York Stock Exchange in a bid to run the federal government's $700-billion financial bailout effort.
The Chicago-based bank, which has $4.0 trillion in assets under custody, and NYSE Euronext, which owns the world's leading stock exchange, submitted a joint proposal to the Treasury Department on Wednesday night, according to people familiar with the situation.
The Treasury Department said Monday night that it is seeking a financial institution with at least $500 billion in assets under custody to run the bailout effort, providing custody of assets, accounting, auction management and other "infrastructure" services. Proposals were due within 48 hours, reflecting the urgency needed to address the mounting global financial crisis.