BNY Mellon launches Universal FX ahead of T+1 settlement
“The launch of Universal FX, complementing our existing OneFX product suite, allows our clients to manage their entire portfolio in one place, offering a 360-degree view and a seamless experience across the entire execution process. This launch is particularly significant as the industry transitions to the T+1 settlement cycle, requiring more streamlined and transparent solutions.”
BNY Mellon (NYSE: BK) has unveiled Universal FX, a comprehensive foreign exchange (FX) platform designed to streamline the trading experience for a broad range of clients. The platform comes as a timely response to the industry’s shift toward T+1 settlement and aims to provide unparalleled price transparency across the entire FX market.
Universal FX caters to various market segments, including investment managers, corporates, hedge funds, and wealth managers. The platform addresses the often fragmented and inconsistent FX execution experience that many investment managers face when managing portfolios across multiple providers. Universal FX enables clients to manage their entire portfolio from a single platform, regardless of where they custody, prime broker, or settle trades. It offers both Developed Market and Emerging Market currency execution, enhancing the global FX trading experience.
Universal FX complements OneFX product suite
Jason Vitale, Head of Global Markets Trading at BNY Mellon, highlighted the platform’s role in bringing cohesion to a fragmented market: “The launch of Universal FX, complementing our existing OneFX product suite, allows our clients to manage their entire portfolio in one place, offering a 360-degree view and a seamless experience across the entire execution process. This launch is particularly significant as the industry transitions to the T+1 settlement cycle, requiring more streamlined and transparent solutions.”
Universal FX builds upon BNY Mellon’s OneFX suite, a set of innovative solutions and banking capabilities that cover all aspects of FX trading, hedging, and cross-border payment activities. OneFX is designed to connect the entire FX spectrum, offering clients worldwide access to the latest features and functionalities from BNY Mellon as they become available.
As the FX market undergoes significant shifts, platforms like Universal FX are poised to become indispensable tools for traders. By offering a unified and transparent trading experience, BNY Mellon is addressing the complexities that have long plagued the FX market, setting a new standard for efficiency and transparency.
Earlier this week, BNY Mellon unveiled a White Labeling service for its LiquidityDirect platform, in a groundbreaking move that aims to set a new industry standard for liquidity management.
The White Labeling service enables financial institutions to integrate LiquidityDirect’s technology into their own suites of offerings, thus creating a seamless user experience for their clients through a single sign-on. LiquidityDirect is a robust platform that handles nearly $15 trillion in annual transaction flow for over 6,000 of the world’s largest institutional investors.
