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BNY Mellon Government Securities Services Corp.

Overview

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BNY Mellon has formed a wholly-owned subsidiary, BNY Mellon Government Securities Services Corp., designed to further enhance capabilities, governance, transparency and resiliency in the U.S. government securities clearance and U.S. tri-party repo businesses. This subsidiary establishes a governance structure and operating model that will enable expert oversight for this important business.

Given our role in the market, BNY Mellon Government Securities Services Corp. is committed to providing an operationally resilient platform and suite of services to deliver an efficient clearing and settlement process for the U.S. Government Securities and U.S. Tri-party Repo settlement markets.

Board of Directors

  • Elizabeth Robinson (Chair)

    Elizabeth Robinson served as Global Treasurer, Partner and Managing Director of The Goldman Sachs Group, Inc., the global financial services company, from 2005 to 2015. Prior to that, Ms. Robinson served in the Financial Institutions Group within the Investment Banking Division of Goldman Sachs.

    Ms. Robinson is a trustee of Williams College, MASS MoCA, and Every Mother Counts, and was, until August 2016, a director of Goldman Sachs Bank USA. Ms. Robinson also serves on the Board of Directors of Russell Reynolds Associates. Ms. Robinson received a Bachelor of Arts degree from Williams College and an M.B.A. from Columbia University.

    In October 2016, Ms. Robinson was appointed to The Bank of New York Mellon Corporation's Board of Directors. She currently serves on the Board's Finance, Risk and Technology Committees.

  • Richard Ketchum

    Richard Ketchum served as Chairman and Chief Executive Officer of FINRA and Chairman of the FINRA Investor Education Foundation from March 2009 to August 2016. Prior to becoming Chief Executive Officer of FINRA, Mr. Ketchum was Chief Executive Officer of NYSE Regulation from March 2006 to March 2009. He served as the first chief regulatory officer of the New York Stock Exchange, a position he began in March 2004. From June 2003 to March 2004, Mr. Ketchum was General Counsel of the Corporate and Investment Bank of Citigroup Inc., and a member of the unit's planning group, Business Practices Committee and Risk Management Committee.

    Previously, he spent 12 years at NASD and The NASDAQ Stock Market, Inc., where he served as president of both organizations. Prior to working at NASD and NASDAQ, Mr. Ketchum was at the Securities and Exchange Commission (SEC) for 14 years, with eight of those years as director of the division of Market Regulation.

    In January 2015, Mr. Ketchum was named to the SEC Equity Market Structure Advisory Committee, which will focus on the structure and operations of the U.S. equities markets. In February 2014, Mr. Ketchum was appointed by President Obama to serve on the President's Advisory Council on Financial Capability for Young Americans. In October 2010, he was appointed by President Obama to serve on the President's Advisory Council on Financial Capability – a group established to promote and enhance financial literacy and capability among Americans. He also served on the Joint Advisory Committee on Emerging Regulatory Issues, a committee created by the SEC and CFTC to review emerging regulatory issues, starting with the market events coming out of the May 2010 so-called ''flash-crash."

    Mr. Ketchum earned his J.D. from the New York University School of Law in 1975 and his B.A. from Tufts University in 1972. He is a member of the bar in both New York and the District of Columbia.

    Mr. Ketchum, in October 2016, became a board member of Greystone Managed Investments, Inc., a private (majority employee owned) Canadian institutional asset manager which is a registered investment adviser in the United States. Mr. Ketchum also is a member of the board and chairman of the Finance Committee of SBH Health System (St. Barnabas Hospital) a not-for-profit operating in the Bronx, NY. In April 2017, Mr. Ketchum joined the Market Axess board, the largest electronic corporate bond interdealer in the United States.

  • David Weisbrod

    David Weisbrod is a former Chief Executive Officer of LCH Clearnet LLC and Vice Chairman of JPMorgan, with more than four decades of experience in financial services.

    As Chief Executive Officer of LCH LLC, the group’s U.S. Designated Clearing Organization, and subsequently as US Country Head for the London Stock Exchange Group, Mr. Weisbrod led the Group’s engagement with clearinghouse members, investment company clients, regulators and other public stakeholders to deliver the firm’s strategic objectives in the US.

    Prior to LCH, Mr. Weisbrod spent 39 years at JP Morgan, where his most recent roles included Vice Chairman of Risk Management and Chair of the firm’s Exchange and Clearinghouse Steering Committee. Prior to these roles, Mr. Weisbrod served as Chief Risk Officer and member of the Management Committee of the Treasury and Securities Services Business, Chief Financial Officer for Treasury Solutions Business, Head of US Commercial Real Estate Restructuring Group, Head of Global Credit Audit Group, Chief Credit Officer in Milan, Italy and Head of Corporate Banking in Italy.

    In parallel to his private sector leadership, Mr. Weisbrod has served as a member of the New York Federal Reserve Bank’s Payments Risk Committee, as a Director of the Depository Trust and Clearing Corp (DTCC) and as a Director of CLS Group Holdings and CLS Bank International. In addition, he has served on the Commodity Futures Trading Commission (CFTC) Global Markets Advisory Committee and on the New York Federal Reserve Bank TriParty Repo Task Force. Mr. Weisbrod is also a member of the Financial Research Advisory Committee of The Office of Financial Research.

    Mr. Weisbrod regularly speaks at many industry events, including the Clearing House 2015 Annual Conference, the FIA Boca Conference, the Chicago Fed Annual Symposium on Central Clearing of Derivatives and the Rosenblatt Securities Global Exchange Leader Conference.

    Mr. Weisbrod has a BA degree from Cornell University and an MBA from New York University. He lives in Greenwich, CT with his wife Margaret. Mr. Weisbrod is active in community affairs. He was awarded the Friends of Liberation War Honor by the Prime Minister of Bangladesh and is currently Chairman of the Audit Committee of Greenwich’s Board of Estimate and Taxation.

  • James Wiener

    James S. (“Jim”) Wiener is a Senior Executive Vice President of BNY Mellon and the company’s Chief Risk Officer. He is also a member of the company’s Executive Committee, and is the Executive Committee sponsor for Gen-Edge, an Employee Resource Group focused on meeting the needs and capturing unique generational perspectives across BNY Mellon. Gen-Edge is one of six ERGs that reflect BNY Mellon's commitment to diversity and workplace excellence by supporting employees with shared interests.

    Reporting to BNY Mellon's Chief Executive Officer and the Board of Directors' Risk Committee, Mr. Wiener oversees as Chief Risk Officer the compliance and credit, operational and market risk functions. He is also focused on continuing to build the company’s risk management capabilities, including integrating enterprise risk data, reporting, analytics, modeling and strategy efforts.

    Mr. Wiener joined BNY Mellon in November 2014 from Oliver Wyman Group, where he was senior partner and leader of the North American Public Policy Practice and a member of the firm’s management committee. In that role, he led the firm’s consulting focus on capital planning requirements under the Federal Reserve’s Comprehensive Capital Analysis Review (CCAR), Dodd-Frank derivatives reform, prudential standards for foreign banking organizations, and resolution and recovery planning.

    Mr. Wiener joined Oliver Wyman in 1994, and held a series of increasingly senior roles, including senior partner and leader of the North American Finance and Risk Management Practice, where he led the firm’s largest practice area globally. Mr. Wiener has extensive experience working with the largest and most complex global financial institutions and is a widely recognized expert on financial services, capital markets and risk management.

    He earned a B.A. in physics from the University of Pennsylvania and Ph.D. in physics from Princeton University.

  • Michelle Neal

    Michelle Neal is Chief Executive Officer of BNY Mellon Markets and a member of the BNY Mellon Executive Committee. BNY Mellon Markets is a global business encompassing activities across the following areas: Capital Markets, Foreign Exchange, Securities Finance, Collateral Management and Liquidity Services, helping clients access capital, financing and liquidity by providing an extensive suite of products across the Markets product lifecycle.

    Ms. Neal joined BNY Mellon from Deutsche Bank, where she served as global head of listed derivatives, markets clearing and fixed income market structure. She has also held senior leadership positions with Nomura International, Royal Bank of Scotland, Fidessa LatentZero and Goldman Sachs. She has successfully carried out senior management responsibilities in a number of key areas, including service as global head of electronic markets, listed derivatives and prime services and COO of execution services; global head of electronic markets and co-head of FICC prime services; director of product development & professional services; and executive director, equities electronic trading.

    In addition to her service on the board of BNY Mellon Government Securities Services Corp., Ms. Neal also serves as a Director of the Global Financial Markets Association and sits on the Treasury Borrowing Advisory Committee.

    Ms. Neal is a graduate of Suffolk University’s Sawyer School of Management.

  • Brian Ruane

    Brian Ruane is Chief Executive Officer of BNY Mellon Government Securities Services Corp. and is a member of both the BNY Mellon and Pershing Executive Committee. Mr. Ruane is responsible for Broker-Dealer Services, U.S. Tri-Party and Global Clearing. He is also responsible for the Banks, Broker Dealer and Investment Advisor and Alternative Asset Manager Client Segments. Mr. Ruane is also a member of The Board of Directors of Promontory Interfinancial Network and services on the Advisory Board for the UCD Michael Smurfit Graduate School of Business in Ireland.

    Mr. Ruane has led industry change by serving on the Federal Reserve Bank of New York’s Working Committee on The Future of the U.S. Government Securities Markets in 2004 and the Industry Task Force for Tri-Party Repo Infrastructure Reform in 2012.

    Prior to his current role, Mr. Ruane was Chief Executive Officer of Pershing Prime Services and CEO of BNY Mellon’s Alternative Investment Services (AIS). Mr. Ruane also served on the Board of Directors of The Bank of New York Mellon SA/NV as well as the Audit & Risk Committee from 2008 to 2014.

    Mr. Ruane is a member of the Dean’s Advisory Board of Hofstra University’s Frank G. Zarb School of Business, from which he received an MBA in International Finance. Mr. Ruane is also a member of the Chartered Association of Certified Accountants (ACCA) and is FINRA Series 7, 24, 63 & 66 licensed.

  • Andrea Pfenning

    Andrea Pfenning is President of BNY Mellon Government Securities Services Corp. and Chief Operating Officer of Broker-Dealer Services, where she is responsible for U.S. Tri-Party Services, U.S. Government Securities Clearance and Settlement, U.S. Collateral Management and Global Clearing Services.

    Previously, Ms. Pfenning served as Managing Director and Head of Relationship Management & Client Service where she led client engagement and support for broker-dealers, other financial institutions, and institutional investor clients. Directly responsible for global relationships and communications, Ms. Pfenning was at the forefront the U.S. Tri-Party Repo Infrastructure Reform initiatives.

    In addition, Ms. Pfenning was a client executive in Global Client Management’s Financial Institutions Group covering a number of the company’s largest broker-dealer relationships. Fluent in German, she gained international experience while based in the Frankfurt office covering financial organizations in Austria and Switzerland.

    Ms. Pfenning is a member of the SIFMA Government Operations Committee and the Wholesale Securities Customer Advisory Group of the Federal Reserve Bank of New York, Global Co-Chair of BNY Mellon’s Women’s Initiatives Network, and Board Member of The Mary Louis Academy. She has a Master of Business Administration in Finance from New York University and a Bachelor of Arts in Marketing from Baruch College.

Officers

Brian Ruane, Chief Executive Officer
Andrea Pfenning, President and Chief Operating Officer

 

 

Governance

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Mission Statement


Mission Statement

BNY Mellon Government Securities Services Corp. (the “Corporation”) strives to provide a leading, operationally resilient platform and suite of services to deliver an efficient clearing and settlement process for the U.S. Government Securities and U.S. Tri-party Repo settlement markets that:

  • Recognizes its critical role in supporting the functioning of the U.S. Government Securities and U.S. Tri-party Repo settlement markets by utilizing the Corporation and its stockholder’s leadership with respect to risk management standards, governance and the stockholder’s role as a systemically important financial institution;
  • Promotes the safe, sound and efficient operation of the Corporation in its role as provider of government securities settlement services for broker-dealers and the Fixed Income Clearing Corporation; and
  • Responds to the needs of the Corporation’s stakeholders by supporting the functioning of the U.S. Government Securities and U.S. Tri-party Repo settlement markets through the provision of U.S. Government Securities settlement services for broker-dealers and the Fixed Income Clearing Corporation.

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Corporate Governance Guidelines


Corporate Governance Guidelines

Together with BNY Mellon Government Securities Services Corp.’s (the “Corporation”) Certificate of Incorporation and By-laws and the charter of the Audit and Risk Committee of the Board of Directors (the “Board”), these Guidelines set forth the governance policies and procedures of the Corporation and the Board.

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Audit and Risk Committee


Audit and Risk Committee

Committee  Members


  • David Weisbrod (Chair)
  • Elizabeth Robinson
  • Richard Ketchum
  • Brian Ruane
  • James Wiener
 
 

 

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Directors' Code of Conduct


Directors' Code of Conduct

The Board of Directors (the “Board”) of BNY Mellon Broker Dealer Services Corp. (the “Company”) has adopted the following Code of Conduct (the “Code”) for directors of the Company. This Code is intended to provide guidance to directors to help them recognize and deal with ethical issues, provide mechanisms to report possible unethical conduct, and foster a culture of honesty and accountability. Each director must comply not only with the terms, but also the spirit, of this Code.

No code or policy can anticipate every situation that may arise. Directors are encouraged to bring questions about particular circumstances that may implicate one or more of the provisions of this Code to the attention of The Bank of New York Mellon’s (the “Bank”) General Counsel or designee.

Directors who serve as officers of the Company must also comply with The Bank of New York Mellon Corporation’s (the “Parent”) Code of Conduct for employees.

Conflicts of Interest

Each director must avoid any conflicts of interest between the director and the Company. Any situation that involves, or may reasonably be expected to involve, a conflict of interest with the Company, should be disclosed promptly to the Bank General Counsel or designee.

A “conflict of interest” can occur when a director’s personal interest interferes in any way — or even appears to interfere with — the interests of the Company taken as a whole. A conflict situation can arise when a director takes actions or has interests that may make it difficult to perform his or her duties as director of the Company objectively and effectively. Conflicts of interest also arise when a director, or an immediate family member of a director, receives improper personal benefits as a result of his or her position as a director of the Company. For these purposes, “immediate family member” includes a director’s spouse, parents, stepparents, children, stepchildren, siblings, mothers- and fathers-in-law, sons- and daughters-in-law and brothers- and sisters-in law and anyone residing in such person’s home (other than a tenant or employee).

Corporate Opportunities

Directors may not: (a) take for themselves personally opportunities that are presented to the director as a result of the use of corporate property, information or position; (b) use the Company’s property, information or position for personal gain; or (c) compete with the Company.

Confidentiality

Directors should maintain the confidentiality of information entrusted to them by the Company and any other confidential information about the Company that comes to them, except when and to the extent disclosure is authorized by the Company or legally mandated. For purposes of this Code, “confidential information” includes all material non-public information that might be of use to competitors, or harmful to the Company or its customers, if disclosed.

Fair Dealing

Directors shall endeavor to deal fairly with the Company’s customers, suppliers, competitors and employees. “Fair dealing” means the avoidance of unfair advantage through manipulation, concealment, abuse of privileged information, misrepresentation of material facts, or any other unfair dealing practice.

Protection and Proper Use of the Company’s Assets

Directors should protect (through oversight) the Company’s assets and oversee their efficient and effective use. Directors should recognize that theft, carelessness and waste may have a direct impact on the Company’s profitability. Company assets should be used only for business purposes.

Compliance with Laws, Rules and Regulations

Directors shall comply, and oversee compliance by employees, officers and other directors of the Company, with laws, rules and regulations applicable to the Company, including insider trading laws. Insider trading is both unethical and illegal and should be dealt with decisively. Transactions in Parent securities are governed by the Parent’s insider trading policy.

Encouraging the Reporting of Any Possible Illegal or Unethical Behavior

Directors should provide oversight with respect to policies and procedures adopted by the Company which (a) promote ethical behavior; (b) encourage employees to talk to supervisors, managers and other appropriate personnel when in doubt about the best course of action in a particular situation; (c) encourage employees to report violations of laws, rules, regulations or the Parent’s Code of Conduct for employees to appropriate personnel; and (d) inform employees that the Company will not allow retaliation for reports made in good faith.

Compliance Procedures

Directors should communicate any suspected violations of this Code promptly to the Bank General Counsel or designee. Violations will be investigated by the Bank General Counsel or designee, and appropriate action will be taken in the event of any violations of the Code. Any waiver of this Code may be made only by the Bank General Counsel or designee and, to the extent required by law, rule or regulation; any such waiver must be promptly disclosed as appropriate

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