BNY Mellon sweetens Custody FX offering with new capabilities

abdelaziz Fathi

BNY Mellon, a global leader in investment services, has expanded its Custody FX offering with the addition of new trading capabilities.

BNY Mellon

America’s oldest bank says the recent upgrade helps its institutional-focused product in pivoting from a primarily service model into an open architecture that can be utilized by a variety of client types.

BNY Mellon’s prime custody also provides services in relation to global trust and custody, accounting, performance measurement, capital management, liquidity, and capital markets.

The custodian bank, which is sitting on $2 trillion in assets under management, states that Custody FX clients can customize how they trade currencies through its platforms. The bank has also upgraded its offering across the APAC markets. The process involved expanding benchmark execution to give clients more transparency while broadening the bank’s coverage team throughout the region.

FX custody is just one of a number of services BNY Mellon is introducing ‎to enable its clients to more efficiently access global currency markets. The comprehensive FX suite leverages the bank’s existing pool of liquidity, collateral, and funding ‎capabilities and opens it up to its global client base.‎

“These enhancements are the result of listening to our clients who told us loud and clear that they want to be more empowered to customize their FX trading program parameters, trade in larger sizes, enjoy consistent pricing and attain full visibility into how their instructions are being carried out,” says Jason Vitale, Global Head of FX at BNY Mellon

In 2018, BNY Mellon‏ ‏launched a prime brokerage service to enable clients to trade and margin their FX through a counterparty that oversees more than $30 trillion of assets under custody. The bank has also expanded its FX trading business with the launch of its FX options products in the US.

BNY’s FX business currently offers various derivatives products, including spot, forwards, and non-deliverable forwards, taking on rivals such as Deutsche Bank, JP Morgan, and Citi.

The global investments company has attracted several brokerage staffers from rivals in the last two years as it digs further into the space.‎

Earlier this year, Bank of New York Mellon publicly backed cryptocurrency trading in a move that points to growing demand from traditional asset managers for digital assets.

The lender is developing a prototype that will eventually allow cryptocurrencies to pass through the same financial network it currently uses for investments in traditional assets like bonds and stocks. The custody bank describes this system as the first multi-asset digital custody and administration platform for both traditional and digital assets—bringing bitcoin and cryptocurrencies under the same roof as traditional holdings.

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