BNY Mellon Modernizes the Transactional and Custody FX Experience with FX Algos Capabilities

Rhea-AI Summary

BNY Mellon is expanding its Custody FX offering by introducing new trading capabilities while transitioning to a transparent open architecture model. Clients can now customize their currency trading with enhancements like Large Order Execution via algorithmic methods, improved transparency through trade micro-timestamping, and expanded Asia execution capabilities. This shift aims to empower clients, providing them with greater control over their FX trading programs and increasing their autonomy. As of June 30, 2021, BNY Mellon managed $45.0 trillion in assets under custody.

Positive

• Introduction of customizable FX trading parameters for enhanced user autonomy.
• Improved Large Order Execution through algorithmic execution methods.
• Enhanced transparency with upgraded trade micro-timestamping for better transaction cost analysis.
• Expanded Asia execution capabilities, providing broader coverage in the APAC markets.

Negative

• None.

NEW YORK, Oct. 7, 2021 /PRNewswire/ -- BNY Mellon is expanding its Custody FX offering, adding new trading capabilities and pivoting from a primarily custody-focused service model into a transparent open architecture that can be leveraged by a variety of client types for their rules-based, end-to-end transaction needs. 

Effective immediately, clients in our FX trading programs can customize how they trade currencies through BNY Mellon, among other new improvements introduced to the firm's Custody FX programs to increase transparency and provide more flexibility for participants.

BNY Mellon's suite of new enhancements delivers more autonomy for users to transact in the manner in which they wish. Among the new capabilities, FX trading program clients can now achieve improved Large Order Execution via access to algorithmic execution methods for orders over a certain size. 

The incorporation of these new capabilities into the program will enable users to design elements of their standing orders as well as deliver further enhancements including:

• Improved Transparency – Upgraded trade micro-timestamping facilitates enhanced transaction cost analysis (TCA) for clients, providing visibility into how their instructions are being fulfilled and executed.
• Expanded Portfolio Customization – Clients have more customizable rules-based options to tailor their FX strategies.
• Upgraded Asia Execution Capabilities – enhanced offering across APAC markets, including adding expanded benchmark execution giving clients more transparency while broadening the client coverage team throughout the region.

"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. "These improvements place clients firmly in control."

Today's announcement follows the July 2020 launch of an API FX solution that reduced confirmation times for restricted emerging market currencies from hours to seconds. In June 2020, BNY Mellon expanded its FX capabilities in Singapore with the launch of an onshore FX pricing and trading engine in the nation, bolstering its FX capabilities across the APAC region.

ABOUT BNY MELLON
BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment and wealth management and investment services in 35 countries. As of June 30, 2021, BNY Mellon had $45.0 trillion in assets under custody and/or administration, and $2.3 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on www.bnymellon.com. Follow us on Twitter @BNYMellon or visit our newsroom at www.bnymellon.com/newsroom for the latest company news.

Contact:

Peter Madigan
peter.madigan@bnymellon.com
+1 212 815 2308   

Nina Truman
nina.truman@bnymellon.com 
+1 212 815 2006

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SOURCE BNY Mellon

FAQ

What are the new enhancements in BNY Mellon's Custody FX offering?

BNY Mellon has introduced customizable trading parameters, improved Large Order Execution, and enhanced transparency features in its Custody FX offering.

How does BNY Mellon's new FX trading model improve client experience?

Clients can now tailor their FX trading strategies, benefiting from algorithmic execution and upgraded transaction cost analysis.

What significant changes were made to BNY Mellon's FX trading capabilities?

The firm has pivoted to an open architecture model, allowing for more flexibility and customization in FX trading.

When was the announcement for the new Custody FX enhancements made?

The announcement was made on October 7, 2021.

What financial assets does BNY Mellon manage?

As of June 30, 2021, BNY Mellon managed $45.0 trillion in assets under custody and $2.3 trillion in assets under management.