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BNY Mellon scoops Nasdaq clearing mandate
28 July 2014
Bank will provide US treasuries clearing and custody services for the exchange's new European clearing business
BNY Mellon has been appointed by Nasdaq OMX Clearing to provide
European Market Infrastructure Regulation (Emir) compliant
clearing and custody services for US treasuries for its new
European clearing business.
The new mandate extends BNY Mellon's existing relationship as
Nasdaq OMX's cash settlement bank which it has been since 2013.
"BNY Mellon demonstrated to us that it has the market position
and experience in the US treasury market required to provide
effective clearing and custody support. The company has proven
its commitment to providing excellent service to us and our
clients," said Johan Rudén, head of global post-trade at
Both Emir and the Dodd-Frank legislation in the
US stipulates that over-the-counter (OTC) derivatives
trades must pass through central counterparties (CCPs).
"The changes brought about by Dodd-Frank and Emir have created
a pressing need for the industry to identify and implement
solutions to manage liquidity and reduce costs," said Scott
Coey, head of broker-dealer services Emea at BNY Mellon.
Bahrain Bourse recently went live with Nasdaq OMX's
X-stream trading platform, read about it here: http://bit.ly/1nyakfI