LONDON, September 10, 2013 — BNY Mellon, the global leader in investment management and investment services, has been selected by NASDAQ OMX as one of its settlement banks for its central counterparty (CCP) clearing service in Europe.
BNY Mellon will serve the needs of both the CCP and the buy-side clients, and support NASDAQ OMX's settlements in US dollars, euros and sterling. As a result of new legislation including Dodd-Frank in the US and the European Market Infrastructure Regulation (EMIR) in Europe, many derivatives, credit default swaps and interest rate swaps will migrate from trading over-the-counter (OTC) to through CCPs. BNY Mellon is working with clients and CCPs to ensure the efficient and timely processing of margin for these trades.
"We chose BNY Mellon because of its financial strength and reputation for reliable customer service and attention to detail", said Johan Ruden, newly appointed President of NASDAQ OMX Clearing AB. "BNY Mellon is a strong addition to our group of settlement banks which are providing clearing services on our European stock exchanges. This is central to our strategy of building a competitive model which will increase liquidity and lower costs for investors."
Dominic Broom, Head of EMEA Sales and Relationship Management, Treasury Services at BNY Mellon said: "The move to CCPs is a radical shift in the way the industry does business and we are at the forefront of this key regulatory change. In addition to providing settlement services for CCPs, we are also helping clients optimise and administer their collateral as part of the support we can offer them across the whole breadth of the investment lifecycle."
NASDAQ OMX will implement its CCP clearing service with BNY Mellon in December of this year.
With locations on six continents and an extensive global network of correspondent financial institutions, BNY Mellon's Treasury Services group delivers high-quality performance in global payments, trade services and cash management. It helps clients optimize cash flow, manage liquidity and make payments more efficiently around the world in more than 100 countries. The company is a top-five participant in both the CHIPS and overall funds transfer markets, and is a recognized leader in the delivery of private-label treasury services solutions for banks and other large institutional clients.
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 June 30, 2013, BNY Mellon had $26.2 trillion in assets under custody and/or administration, and $1.4 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/, or follow us on Twitter @BNYMellon.
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 June 30, 2013. 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. Supervised and regulated by the New York State Department of Financial Services and the Federal Reserve. Authorised by the Prudential Regulation Authority. 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.