AccessFintech joins BNY Mellon to address FX workflow challenges ahead of T+1 settlement regulations
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AccessFintech joins BNY Mellon to address FX workflow challenges ahead of T+1 settlement regulations 01 May 2024 UK Reporter: Klea Neza
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AccessFintech has joined with BNY Mellon, aiming to bring a joint solution to the market for addressing foreign exchange (FX) workflow challenges ahead of the forthcoming T+1 settlement regulations.
BNY Mellon and AccessFintech are collaborating in an effort to provide clarity on securities trades ‘predicted to settle’ status.
Clients based on AccessFintech’s network will be able to instruct BNY Mellon to broker FX transactions based on these ‘predicted to settle’ insights before the end of the US trading day, helping to provide the necessary liquidity for international clients trading of US securities.
Jason Vitale, head of Global Markets Trading at BNY Mellon, says: “Our collaboration with AccessFintech will provide clients the ability to leverage our recently launched Universal FX platform to fund their T+1 settlement activity in an efficient and transparent manner.”
Roy Saadon, CEO & co-founder at AccessFintech adds: “BNY Mellon has the foresight to help clients across this challenging time in FX settlement. Together, we can achieve T+1 settlement by collaborating as a unified ecosystem.”
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