Bing Cheng appointed as Head of Global Markets in Shanghai
SHANGHAI, March 11, 2011 — BNY Mellon, the global leader in investment management and investment services, today announced that the China Banking Regulatory Commission (CBRC) has granted it a license to conduct local currency business in Shanghai. The company's Shanghai branch will begin offering renminbi (RMB) foreign exchange (FX) and money market services from April 2011.
The new trading floor in Shanghai will be managed by Bing Cheng, Managing Director and Head of Global Markets in Shanghai, reporting to Marek Unger, Head of Global Markets for Asia-Pacific, based in Hong Kong. Cheng joins BNY Mellon from DBS Shanghai where he was Head of Interest Rate Trading, Treasury and Markets.
"The debate about the growing internationalisation of the Chinese currency has certainly stepped up over recent months," said BNY Mellon's Unger. "As a consequence institutions like BNY Mellon that are heavily involved in both intra-Asian and global flows, are gearing up to provide our clients with a full suite of RMB capabilities."
"Building a strong business in China is intrinsic to our future growth in Asia, and receiving RMB license approval is a major step forward in our ability to serve clients in this critical market," added Unger.
The RMB license is the latest step in the steady expansion of BNY Mellon's business in China and will benefit the company's corporate trust, asset servicing and treasury services businesses. In June 2010, the CBRC authorized BNY Mellon to set up a banking branch in Beijing, and in July 2010, the China Securities Regulatory Commission (CSRC) authorized BNY Mellon and Western Securities to establish a joint venture fund management company in China, known as BNY Mellon Western Fund Management Company Limited.
BNY Mellon has strong and historical relationships with banks in China having been active in the region for more than 90 years and opened its first office in mainland China in 1994. BNY Mellon's business was originally primarily focused around its treasury, trade and payments services. This has evolved today to include a wide variety of products and services including asset management, custody, fund administration, depositary receipts and foreign exchange.
BNY Mellon Global Markets includes the Foreign Exchange and Derivatives business of The Bank of New York Mellon together with the securities business of BNY Mellon Capital Markets, LLC, a SEC registered broker dealer. These businesses provide products for corporate, institutional and high net worth investors to access liquidity, identify and execute investment and hedging strategies as well as manage risk. In Asia-Pacific, BNY Mellon has trading rooms in Hong Kong, Seoul, Taipei and Tokyo offering and trading foreign exchange, interest rates, money markets, and their associated derivatives. In combination with FX desks in New York, Boston, Pittsburgh, London and Brussels, BNY Mellon Global Markets has access to more than 100 currency markets, and is recognized by industry publications as a global leader in FX research and FX technology. Additional information is available at http://gm.bnymellon.com.
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 $25.0 trillion in assets under custody and administration and $1.17 trillion in assets under management, services $12.0 trillion in outstanding debt and processes global payments averaging $1.6 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.