BNY Mellon has been picked by Winterflood Securities to provide US DTCC and Canadian securities clearing and custody services.

The New York custodian’s Broker-Dealer Services unit will provide clearing and settlement, operating as a direct participant in the US and through a single sub-custodian in Canada.

Winterflood will make use of BNY Mellon’s 'enhanced clearing solution', which permits earlier transmission of client orders to the North American market, allowing for realignment of collateral.

London-based Winterflood acts as a market maker offering execution services to retail brokers and institutional clients. 

"BNY Mellon impressed us with its experience and knowledge of the North American securities market and its prominence as a leading custody and clearing provider was an important factor in our decision," said Simon Rafferty, chief operating officer at Winterflood Securities.

Scott Coey, head of Broker-Dealer Services EMEA at BNY Mellon, added: “We continue to invest in our technology and solutions to provide our clients with market leading, comprehensive clearing and settlement services. 

"The functionality will provide Winterflood with more timely trading in the US and Canada and a more efficient and streamlined trading process.”