BNY Mellon has launched its FX options desk, enabling clients to better hedge currency exposure and express their views on the future direction of FX markets.
The bank says that clients now have access to a full-service currency trading desk, offering spot, forwards, non-deliverable forwards as well as options. “This offering complements an existing suite of broader FX services including FX custody, payments and hedging,” it adds.
Options represent the latest step in a broad build out of BNY Mellon’s FX business – the bank has made a series of senior hires over the past two years and in January announced plans to launch an FX prime brokerage service.
The FX options business is being led by Sam Osterman, who joined BNY Mellon as global head of FX options in January. He joined from Barclays where he was global head of flow options.
“Options is a must-have as we transition into a full-service FX franchise that can meet all of our clients’ end-to-end trading, hedging, payments and administrative requirements,” says Adam Vos, global head of FX at BNY Mellon Markets. “We have further enhancements to come later in 2018 as we continue to retool our FX capabilities to better equip clients for the challenges of today’s currency markets.”