BNY Mellon to keep the US EMIR compliant 28 July 2014London Reporter: Catherine Van de Stouwe
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BNY Mellon will provide European Market Infrastructure Regulation (EMIR) compliant clearing and custody services for US treasuries within the NASDAQ OMX Group’s new clearing business.
The mandate increases BNY Mellon’s existing relationship with NASDAQ OMX, having been made a cash settlement bank in 2013, and secures BNY Mellon’s place as a leading custodial service providers to central counterparties.
Johan Rudén, head of global post-trade at NASDAQ OMX, said: "BNY Mellon demonstrated to us that it has the market position and experience in the US treasury market required to provide effective clearing and custody support.”
“The company has proven its commitment to providing excellent service to us and our clients. BNY Mellon’s support will be invaluable as we build our market position following the launch later this year.”
Scott Coey, head of broker-dealer services for Europe, Middle East and Africa at BNY Mellon said: "The changes brought about by Dodd-Frank and EMIR have created a pressing need for the industry to identify and implement solutions to manage liquidity and reduce costs.”
“NASDAQ OMX Clearing’s decision to expand our valued relationship to include our comprehensive clearing and custody solutions illustrates the depth of support and expertise we can offer our clients across the investment lifecycle.”
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