BNY Mellon launches FX prime brokerage service 23 January 2018New York Reporter: Jenna Lomax
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BNY Mellon has launched an foreign exchange (FX) prime brokerage service for its institutional clients, which is due to begin in early 2018.
According to BNY Mellon, the initiative allows clients to access a new source of FX liquidity, while helping to streamline and reduce operational expenses, including legal and onboarding costs.
Clients will be able to transact FX products while accessing pre- and post-trade services at the same time.
Users will also be able to access BNY Mellon's collateral, funding and liquidity capabilities while carrying out transactions.
Jason Vitale, COO of foreign exchange and head of client execution services at BNY Mellon markets, said: “We're launching a traditional prime brokerage service with a twist. By leveraging BNY Mellon's leadership in collateral management, funding and liquidity, clients will benefit from a fully-integrated and complete FX service."
He added: "FX prime brokerage (FXPB) is just one of a number of new services BNY Mellon Markets is introducing that will enable our clients to more efficiently access global currency markets."
Michael Cooper, head of FXPB at BNY Mellon, London, commented: “BNY Mellon’s new service opens up access to multiple new sources of liquidity for new and existing clients. FXPB is the ideal tool for those looking to balance the challenges of the uncleared margin regime with the need to deliver better execution on behalf of their clients."
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