19 July 2018
Register today

Bank of New York Mellon launches Global Environmental Markets platform

14 May 2009  |  4895 views  |  0 Source: Bank of New York Mellon

The Bank of New York Mellon (NYSE: BK), the global leader in asset management and securities servicing, announced today the launch of a universal custody and trade settlement platform for carbon credits.

Global Environmental Markets ("GEM") has been developed to help customers manage credits through a single web-based interface.

The platform addresses the challenges of administering the variety of regulated and unregulated standards of environmental credits recorded on different registries. Typically these are managed separately through various systems and spreadsheets which can make reporting and tracking complex and time-consuming. In response, GEM brings registries, units and standards into one place allowing clients a single entry point to manage all credits in their portfolio.

The Bank of New York Mellon's GEM platform provides a powerful reporting system, which is at the heart of the company's carbon credit custody and escrow services. This system acts as a client's books and records and generates detailed account statements, allowing it to meet the specialized reporting needs of this sector. The system also simplifies the reconciliation process by accommodating segregated accounts and producing customized reports with user-defined start and end dates.

Combined with The Bank of New York Mellon's global cash clearing infrastructure, GEM also supports settlement of credit trades against payments simultaneously, which helps lower operational risks and increase efficiency.

Scott Posner, chief executive officer of The Bank of New York Mellon's Global Corporate Trust business, commented, "GEM provides a robust and secure infrastructure for this rapidly growing area and a portal to our systems and facilities that link to the world's financial markets. These systems are in turn supported by our global technology capabilities and capacity, in readiness for the anticipated growth in these markets."

Through its Global Corporate Trust business, The Bank of New York Mellon offers a global custody service to facilitate trading of carbon credits. The company provides custody services for VCS v1 credits and escrow services for Regulated Carbon Credits.

Comments: (0)

Comment on this story (membership required)

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit https://secure.vasco.comVisit http://go.jumio.com/finextraAdVisit info.nice.com

Top topics

Most viewed Most shared
Calmejane quits Lloyds Bank to join SocGenCalmejane quits Lloyds Bank to join SocGen
11786 views comments | 5 tweets | 7 linkedin
Metro Bank opens developer portalMetro Bank opens developer portal
10035 views comments | 5 tweets | 14 linkedin
Anything Visa can do...Mastercard takes time outAnything Visa can do...Mastercard takes ti...
9691 views comments | 6 tweets | 15 linkedin
Mastercard enlists Worldpay to push Vocalink's Pay by Bank appMastercard enlists Worldpay to push Vocali...
9234 views 19 comments | 14 tweets | 30 linkedin
Hong Kong plans September go-live for blockchain-based trade financeHong Kong plans September go-live for bloc...
9002 views comments | 9 tweets | 17 linkedin

Featured job

Competitive base, double ote, benefits
New York, Boston, Chicago, Philadelphia, USA

Find your next job