MNY Mellon partners Markit for automating OTC post-trade

Source: BNY Mellon

BNY Mellon Asset Servicing, the global leader in securities servicing, today announced it has enhanced its over-the-counter (OTC) derivatives services by providing automated OTC trade affirmation and confirmation to investment managers and financial institutions in the United States and Europe. The enhancements also enable BNY Mellon to deliver daily, automated OTC position reconciliation and market value reconciliation with counterparties.

On behalf of its clients, BNY Mellon can now match economic terms of the transaction on trade date, confirm activity through straight-through processing and reconcile positions, and perform valuation comparison. In providing these services, BNY Mellon has licensed the use of Markit Trade Manager, a leading trade risk management platform. Additionally, BNY Mellon has licensed MarkitPortRec platform, an automated position reconciliation and valuation comparison service. Markit also will provide complete connectivity to industry utilities such as Markit Wire and DTCC.

"We have a multi-year program of investing in derivatives services and we have now further automated our integrated-architecture offering in the entire lifecycle of OTC trade processing," said Ahmad Sharif, managing director and product head of investment manager outsourcing at BNY Mellon Asset Servicing. "For OTC contracts, this lifecycle includes trade execution, affirmation and confirmation; events and rate resets; payment calculation and delivery/receive; independent pricing and valuation; collateral management; and daily position and value reconciliation with counterparties."

"Markit's partnership with BNY Mellon strengthens our position as a leading provider of trade processing solutions to fund administrators and institutional investors in the global OTC derivatives market," said Jeff Gooch, executive vice president and co-head of trade processing at Markit. "Access to a broad range of Markit's industry-standard trade processing services will give BNY Mellon clients the ability to reduce operational risk and improve operational efficiency."

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