North America mandate for BNY Mellon 25 April 2016New York Reporter: Stephanie Palmer
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BNY Mellon has been selected by Winterflood Securities to provide clearing and settlement services in North America.
BNY Mellon Broker-Dealer Services will operate as a direct participant in the US, and through a sub-custodian in Canada.
The clearing solution allows for earlier transmission of client orders in the North American market, and for realignment of collateral, if required.
According to Simon Rafferty, COO of Winterflood Securities, the mandate was based on BNY Mellon’s knowledge in the market, and for its experience in clearing and custody.
Rafferty said: “BNY Mellon is able to provide us with a solution tailored to our specific trading requirements that allows us to deliver timely, high quality services to our clients.”
Scott Coey, head of broker-dealer services for Europe, the Middle East and Africa at BNY Mellon, said: “We continue to invest in our technology and solutions to provide our clients with market leading, comprehensive clearing and settlement services.”
“The functionality will provide Winterflood with more timely trading in the US and Canada and a more efficient and streamlined trading process.”
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