Connection will provide deadlines closer to market cut-offs and reduce risk
LONDON, Dec. 16, 2016 /PRNewswire/ -- BNY Mellon has migrated clients' assets to direct accounts with Monte Titoli using its connection to TARGET2-Securities (T2S). As a Directly Connected Participant (DCP) to T2S, BNY Mellon will settle transactions in listed securities, such as equities and fixed income with Monte Titoli.
BNY Mellon, a global leader in investment management and investment services, will also provide clients with portfolio servicing activities, including corporate actions, income processing, tax and proxy voting. Previously BNY Mellon settled transaction in the Italian market through sub-custodian services.
Monte Titoli is the authorised Central Securities Depositary (CSD) for centralised administration, settlement and ancillary services in the Italian market.
"We are delighted that BNY Mellon, one of the world's largest investment services companies, has become a participant of Monte Titoli," said Mauro Dognini, Chief Executive of Monte Titoli. "In doing so, BNY Mellon and its clients will be able to fully benefit from the implementation of T2S using Monte Titoli for the provision of settlement, asset and fiscal services, which will help improve operational efficiency and reduce risk. This achievement represents a key step in Monte Titoli's strategy to expand its service offering and client base and confirms its capability to support international clients."
"Our connection to T2S will help us streamline back-office operations and reduce risk by offering our clients direct access to central bank money," said Tom Casteleyn, Head of Product Management for Custody, Cash and FX at BNY Mellon. "Our direct accounts with Monte Titoli will enable us to provide clients with deadlines that are closer to market cut-offs, whilst improving our asset servicing capabilities."
BNY Mellon provides services to clients in over 100 markets and is using its connection to T2S to become direct to all the major markets in the Eurozone. It is direct in Germany and the Netherlands, in addition to direct CSD connections already in existence in other markets such as the Depository Trust & Clearing Corporation (DTCC) and Fedwire in the U.S. and CREST in the U.K.
T2S acts as a single securities settlement system for over twenty European markets. One of its key objectives is to standardise and harmonise securities settlement across Europe, opening up opportunities for the consolidation of custody relationships.
BNY Mellon's Asset Servicing business supports institutional investors in today's fast-evolving markets, safekeeping assets and enhancing the administration of client investments through services that process, monitor and measure data from around the world, allowing clients to focus on the management of their investments. We leverage our global footprint and local expertise to deliver insight and solutions across every stage of the investment lifecycle.
BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment management and investment services in 35 countries and more than 100 markets. As of September 30, 2016, BNY Mellon had $30.5 trillion in assets under custody and/or administration, and $1.72 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on http://www.bnymellon.com/. Follow us on Twitter @BNYMellon or visit our newsroom at www.bnymellon.com/newsroom for the latest company news.
Monte Titoli is a leader in the Post-Trade industry with c. €3.3 trillion of assets under custody. Monte Titoli offers pre-settlement, settlement, custody, asset servicing and collateral management services on domestic and cross border securities as well as issuer services to a large domestic and international client base of 100 banks, brokers, CCPs and stock exchanges and 2,300 issuers.
In 2015, its settlement service processed 60.3 million instructions. With a transaction settlement rate of 99% of transactions, Monte Titoli is the largest CSD in the initial wave of T2S and is fully operational on the pan-European platform.
Monte Titoli aims to strengthen its presence in Europe by serving its Clients with a full set of core and added value services for T2S markets. X-COM, Monte Titoli Collateral Management platform, has been enhanced with the launch of a tri-party repo service guaranteed by CC&G. Monte Titoli is part of London Stock Exchange Group.
This press release is issued by The Bank of New York Mellon to members of the financial press and media. All information and figures source BNY Mellon unless otherwise stated as at September 30, 2016. The Bank of New York Mellon, London Branch, registered in England and Wales with FC005522 and BR000818. Branch office: One Canada Square, London E14 5AL. The Bank of New York Mellon is supervised and regulated by the New York State Department of Financial Services and the Federal Reserve and authorised by the Prudential Regulation Authority. The Bank of New York Mellon London branch is subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. Details about the extent of our regulation by the Prudential Regulation Authority are available from us on request.
SOURCE BNY Mellon
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