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.
BNY Mellon said clients in its FX trading programmes will have more customisable rules-based options to tailor their FX strategies.
In addition, they can now achieve improved large order execution via access to algorithmic execution methods for orders over a certain size.
Other benefits include improved transparency with upgraded trade micro-timestamping. This facilitates enhanced transaction cost analysis (TCA), providing visibility into how instructions are being fulfilled and executed.
The firm has also upgraded its 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.
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