BNY Mellon Asset Servicing Enhances OTC Derivatives Services
December 18 2008 - 7:59AM
PR Newswire (US)
Partners with Markit to Automate Trade Affirmation and Position
Reconciliation NEW YORK, Dec. 18 /PRNewswire-FirstCall/ -- BNY
Mellon Asset Servicing, the global leader in securities servicing,
today announced it has enhanced its over-the-counter (OTC)
derivatives services by providing automated OTC trade affirmation
and confirmation to investment managers and financial institutions
in the United States and Europe. The enhancements also enable BNY
Mellon to deliver daily, automated OTC position reconciliation and
market value reconciliation with counterparties. On behalf of its
clients, BNY Mellon can now match economic terms of the transaction
on trade date, confirm activity through straight-through processing
and reconcile positions, and perform valuation comparison. In
providing these services, BNY Mellon has licensed the use of Markit
Trade Manager, a leading trade risk management platform.
Additionally, BNY Mellon has licensed MarkitPortRec platform, an
automated position reconciliation and valuation comparison service.
Markit also will provide complete connectivity to industry
utilities such as Markit Wire and DTCC. "We have a multi-year
program of investing in derivatives services and we have now
further automated our integrated-architecture offering in the
entire lifecycle of OTC trade processing," said Ahmad Sharif,
managing director and product head of investment manager
outsourcing at BNY Mellon Asset Servicing. "For OTC contracts, this
lifecycle includes trade execution, affirmation and confirmation;
events and rate resets; payment calculation and delivery/receive;
independent pricing and valuation; collateral management; and daily
position and value reconciliation with counterparties." "Markit's
partnership with BNY Mellon strengthens our position as a leading
provider of trade processing solutions to fund administrators and
institutional investors in the global OTC derivatives market," said
Jeff Gooch, executive vice president and co-head of trade
processing at Markit. "Access to a broad range of Markit's
industry-standard trade processing services will give BNY Mellon
clients the ability to reduce operational risk and improve
operational efficiency." Markit is a financial information services
company with more than 1,000 employees in Europe, North America and
Asia Pacific. Over 1,000 financial institutions use its independent
services to manage risk, improve operational efficiency and meet
regulatory requirements. For more information, see
http://www.markit.com/ BNY Mellon Asset Servicing offers clients
worldwide a broad spectrum of specialized asset servicing
capabilities, including custody and fund services, securities
lending, performance and analytics, and execution services. BNY
Mellon Asset Servicing provides services through The Bank of New
York Mellon and other related companies. The Bank of New York
Mellon Corporation is a global financial services company focused
on helping clients manage and service their financial assets,
operating in 34 countries and serving more than 100 markets. The
company is a leading provider of financial services for
institutions, corporations and high-net-worth individuals,
providing superior asset management and wealth management, asset
servicing, issuer services, clearing services and treasury services
through a worldwide client-focused team. It has $22.4 trillion in
assets under custody and administration, approximately $1.1
trillion in assets under management and services approximately $12
trillion in outstanding debt. Additional information is available
at bnymellon.com. DATASOURCE: The Bank of New York Mellon
Corporation CONTACT: Mike Dunn of The Bank of New York Mellon
Corporation, +1-212-922-7859, Web Site: http://www.bnymellon.com/
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