01 September 2015

Nasdaq OMX Clearing picks BNY Mellon for US Treasury clearing and custody

28 July 2014  |  1570 views  |  0 Source: BNY Mellon

BNY Mellon, a global leader in investment management and investment services, has been appointed by NASDAQ OMX Clearing to provide EMIR (European Market Infrastructure Regulation) compliant clearing and custody services for US Treasuries within the NASDAQ OMX Group's new European clearing business.

The new mandate extends BNY Mellon’s existing relationship with NASDAQ OMX - it was appointed by the exchange as a cash settlement bank in 2013 - and reinforces BNY Mellon’s position as a leading custodial service provider to central counterparties (CCPs).

Both EMIR and the Dodd-Frank legislation in the US mandate the migration of over-the-counter (OTC) derivatives from bilateral clearance to CCPs.

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 EMEA 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.”

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Related blogs

Create a blog about this story (membership required)

Related company news

 


Top topics

Most viewed Most shared
MyECheck unveils mobile payments system
7708 views comments | 15 tweets | 3 linkedin
SunGard system glitch causes havoc for BNY...
6855 views comments | 14 tweets | 12 linkedin
Kenya's NIC Bank links to Twitter and What...
6042 views comments | 27 tweets | 15 linkedin
Payments UK sets out vision for 'world cla...
5469 views comments | 15 tweets | 9 linkedin
Wirecard bids for Worldpay - Bloomberg
5437 views comments | 10 tweets | 7 linkedin

Featured job

£90-110K Basic Circa £200-250K OTE NO CEILING
London

Find your next job