BNY Mellon to offer derivatives clearing
Bank of New York Mellon has formed a new clearing company, BNY Mellon Clearing LLC, to clear futures and derivatives trades for institutional clients. The company has already been authorised as a futures commission merchant, and is registered with the National Futures Association.
The firm says it plans to become a clearing member on major exchanges and central clearinghouses on a global basis, to support the trading activities of its clients. Sanjay Kannambadi will serve as CEO, reporting to Art Certosimo, CEO of alternative and broker-dealer services at BNY.
The news follows May’s announcement that the bank’s Pershing arm will offer back office clearing solutions to brokers via its new GlobalClear service.
“BNY Mellon Clearing represents a logical extension of our business model as the leading securities servicing provider in the world,” said Gerald Hassell, president of BNY Mellon, in statement.
“With...