June 24, 2016

Michael Cole-Fontayn: On the British public’s decision to favour a vote to leave the European Union

Michael Cole Fontayn

Michael Cole-Fontayn

The decision made by the British public to favour a vote to leave the European Union (EU) will shape the future direction of financial services around the world. 

It is important to note that the result of the UK’s EU Referendum is just the beginning of a process.  A British exit will not take place for some time and will involve a lengthy period of negotiation.

Whatever the outcome of the negotiations, operational continuity and resilience is the primary focus for BNY Mellon. 

First and foremost, BNY Mellon is ready to handle the market volatility and high volumes anticipated as the implications of this decision become clearer. 

We are focused on managing assets and risk for our clients, and ensuring all payments settlements, valuations and collateral movements are processed efficiently. 

Looking ahead, we remain in constant communication with our regulators.  We have the flexibility and resources to adapt to any necessary infrastructure change which may be needed as a result of the formal UK-EU relationship and market access protocols negotiations.

BNY Mellon’s strategy and risk management groups will work closely with clients and regulators to ensure we continue to meet their needs in the developing environment.

We believe that we are strongly positioned to continue to provide services and solutions to our clients through all our European legal entities.

As a global financial institution with a strong presence in the UK and other European Union markets, BNY Mellon is ready to play a constructive role during this transition period to minimise any potential challenge, turbulence and disruption to Europe’s capital markets and our clients.

We will continue to update all our stakeholders concerning the potential impact on BNY Mellon as we begin to receive clarity on what is required of financial institutions whom operate throughout the UK and European Union markets.