NEW YORK, June 15, 2011 — BNY Mellon, the global leader in investment management and investment servicing, is introducing a series of enhancements to its automated deal matching service for tri-party repo clients that will allow clients to input, monitor and view trade matching status on a real-time, online basis. The new capabilities will improve risk management practices among market participants.
BNY Mellon's enhancements support the Tri-Party Infrastructure Reform Task Force Recommendations issued in May 2010. BNY Mellon has taken a leadership role in the Task Force's activities and overall reform efforts, serving on a variety of committees and working groups, including as the co-chair of the Operational Arrangements Working Group.
The trade matching service enhancements will allow dealers and cash investors to submit trade details according to 13 standard matching parameters via AccessEdge®, BNY Mellon's web portal for tri-party repo clients, or either a SWIFT or proprietary BNY Mellon message format. BNY Mellon will conduct an automated matching process, which will provide dealers and investors with a consolidated view of trade instructions, terms and modifications. In addition to the online functionality, dealers and investors will be able to submit trades and receive updates using real time messaging capabilities or via file formats using industry standard protocols. Vendors can also submit trades in this manner on behalf of market participants.
"By introducing these enhanced capabilities, we will significantly improve the timing, transparency and accuracy of tri-party settlements, which will lead to greater confidence and reduced risk in the market overall," said James Malgieri, CEO of BNY Mellon Broker-Dealer Services.
As part of its efforts to continuously improve its services and meet the recommendation of the Task Force, BNY Mellon recently introduced an auto cash substitution capability for both Fed and DTCC securities that provides dealers with easy access to the securities they need for daily trading. With Auto Collateral Request(SM) and Auto Collateral Exchange(SM) – two new features on the company's sophisticated technology platform – BNY Mellon retrieves only those securities required for the settlement of trades.
"We are fully focused on providing clients with the tools required to accommodate the new market initiatives while continuing to deliver the operational, reporting and risk capabilities and expertise they have come to expect from BNY Mellon as a market leader," said John Morik, managing director, BNY Mellon Broker-Dealer Services.
BNY Mellon Broker-Dealer Services is a leading provider of tri-party collateral management services, servicing more than $1.8 trillion in tri-party balances worldwide. It is a leader in both global securities and US Government securities clearance. BNY Mellon Broker-Dealer Services clears and settles equity and fixed income transactions in over 100 markets and handles most of the transactions cleared through the Federal Reserve Bank of New York, for 16 of the 20 primary dealers.
BNY Mellon is a global financial services company focused on helping clients manage and service their financial assets, operating in 36 countries and serving more than 100 markets. BNY Mellon is a leading provider of financial services for institutions, corporations and high-net-worth individuals, offering superior investment management and investment services through a worldwide client-focused team. It has $25.5 trillion in assets under custody and administration and $1.2 trillion in assets under management, services $11.9 trillion in outstanding debt and processes global payments averaging $1.7 trillion per day. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available at www.bnymellon.com.