23 October 2017
visit www.response.ncr.com

BNY Mellon to launch e-market for European asset-backed securities

08 September 2010  |  6423 views  |  0 online place bid

Bank of New York Mellon is setting up an online marketplace for hard-to-value European asset-backed securities, according to Bloomberg.

The service, expected to go live in the first quarter, will enable banks, asset managers, hedge funds and dealers to buy and sell asset-backed bonds anonymously, acting as an "eBay of illiquid securities," John Spedding, London-based MD at the bank told Bloomberg.

Called Structured Credit Connect, the Internet market will give buyers 24 hours to post bids for assets the BNY Mellon puts up for sale on behalf of clients, charging a fixed commission for successful trades. The platform will initially handle residential mortgage-backed securities.

The European service follows the launch of a similar offering in the US in June and aims to reinvigorate the market for asset-backed securities, which stalled in the wake of the US sub-prime market woes.

BNY Mellon Plans 'EBay' for European Asset-Backed Securities - Bloomberg

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

BNY Mellon Asset Servicing establishes outsourcing group

BNY Mellon Asset Servicing establishes outsourcing group

15 December 2009  |  11563 views  |  0 comments
Bank of New York Mellon takes stake in clearing counterparty IDCG

Bank of New York Mellon takes stake in clearing counterparty IDCG

30 June 2009  |  25286 views  |  0 comments
Bank of New York Mellon launches Liquidity Direct

Bank of New York Mellon launches Liquidity Direct

02 April 2009  |  20746 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.niceactimize.comvisit www.vasco.comvisit www.fivedegrees.nl

Top topics

Most viewed Most shared
Mastercard to roll out blockchain APIMastercard to roll out blockchain API
18423 views comments | 24 tweets | 36 linkedin
HSBC partners Bud for open banking trialHSBC partners Bud for open banking trial
14884 views comments | 23 tweets | 31 linkedin
Sibos 2017: API or the highwaySibos 2017: API or the highway
10795 views comments | 12 tweets | 23 linkedin
satelliteGates Foundation backs Ripple collaboratio...
10233 views comments | 13 tweets | 10 linkedin

Featured job

circa £250K total package
London

Find your next job