Tag: BNY Mellon

BNY Mellon

BNY Mellon to Launch FXPB Service

BNY Mellon is launching an FX prime brokerage service for its institutional clients.

The custodian bank announced in a release today that the new service will launch “in early 2018”.

In the release, BNY Mellon says the service will allow institutional clients to access a significant new source of FX liquidity while helping streamline and reduce operational expenses, including legal and onboarding costs, as well as generating substantial capital and netting gains.

Users of the service will be able to transact a suite of FX products while also having access to pre- and post-trade services in addition to BNY Mellon’s collateral, funding and liquidity capabilities.

BNY Mellon Facing Further FX Class Action

BNY Mellon is facing further legal action over activities in its FX business as a class action suit has been filed in New York claiming it “charged excessive rates and mark ups” on ADR conversions.
The bank has previously settled similar cases surrounding so-called Standing Instruction trades with both US authorities and private claimants, however those cases were not brought in regard to the ADR business. As was the case with SI trades, the Plaintiffs claim that BNY Mellon “selected a transaction rate at or near the rate at which the currency traded that day that was virtually the worst for the ERISA Plans”.

O’Brien Leaves BNY Mellon

Patrick O’Brien has left his position as managing director, foreign exchange, at BNY Mellon.

Based in Pittsburgh, O’Brien had been with BNY Mellon since 2006. Profit & Loss understands that his departure is part of a broader move by the custodian bank to consolidate its FX dealing room in New York.

Prior to working at BNY Mellon, O’Brien spent just under two years as a senior vice president, FX trading, at National Australia Bank (NAB) in New York.

Before joining NAB in 2005, O’Brien was a manager and chief dealer for spot FX at Commonwealth Bank for twelve years, operating out of both New York and Sydney during that time.

Report: Liquidity, Funding Challenges Shifting Buy Side Behaviour

Market and regulatory reforms are forcing buy side firms to look for new ways of accessing collateral, funding and liquidity, according to a new report from BNY Mellon and PWC.

Based on a survey that 120 buy side respondents with a combined $12 trillion in AUM participated in, the report claims that “access to high-quality collateral, funding and liquidity is not only a pressing concern, but has emerged as the essential new performance driver for the buy side”.

The current challenge with accessing these is twofold.

Boulos Latest Big Name to Join BNY Mellon

Profit & Loss understands that Darren Boulos has joined Bank of New York Mellon as head of FX sales and trading for Asia Pacific.
Boulos was last at Deutsche Bank in Sydney where he closed out a nine-year career in the role of head of FIC for Asia. Boulos joined Deutsche as head of short term interest rate trading in 2006, before moving to run FX in Sydney from 2010 to 2012.
Prior to Deutsche he had spells at RBC and Credit Suisse in Sydney, Singapore and Tokyo.

BNY Mellon Appoints Neal to Executive Committee

BNY Mellon has appointed Michelle Neal, CEO of BNY Mellon Markets Group, to the company’s Executive Committee.

“Michelle’s leadership experience and her expertise across the entire spectrum of Markets’ activities will be a valuable addition to our Executive Committee. BNY Mellon Markets continues to be a significant growth area for the company as our clients look to us for solutions to help them navigate the changing regulatory and market landscape,” says Gerald Hassell, CEO of BNY Mellon.
Neal joined the company in the fourth quarter of 2015, after leaving Deutsche Bank, where she was the global head of listed derivatives, markets clearing and fixed income market structure.

Taylor Exits JPM – Another Big BNYM Hire?

Market sources tell Profit & Loss that James Taylor, executive director at JP Morgan, has left the bank and is heading to BNY Mellon.
Taylor was most recently heading JPM’s macro fixed income market structure team, having shifted from his role as head of international rates execution services at the bank. Taylor joined JP Morgan in 2009 as head of e-FICC sales for Europe, having moved from a similar role at Deutsche Bank. Prior to Deutsche, Taylor was on the e-FX sales team at Barclays.

BNY Mellon Adds Three in FX?

Market sources tell Profit & Loss that Bank of New York Mellon has continued to add to its ranks as it builds out its FX business.
The sources says the bank has hired Richard Grover, Huazhang Luo and Patricia Muchinsky for its e-FX teams in London and New York. Grover and Luo will report to Jeff Leal, global head of e-FX, Muchinsky reports to Jason Vitale, COO, Markets at BNY Mellon.
Grover joins BNY Mellon from NAB in London, Luo from BNP Paribas and Muchinsky is joining the bank from V3 in Chicago.

BNY Mellon Adds Three in FX?

Market sources tell Profit & Loss that Bank of New York Mellon has continued to add to its ranks as it builds out its FX business.
The sources says the bank has hired Richard Grover, Huazhang Luo and Patricia Muchinsky for its e-FX teams in London and New York, all will report to Jeff Leal, global head of e-FX.
Grover joins BNY Mellon from NAB in London, Luo from BNP Paribas and Muchinsky is joining the bank from V3 in Chicago.

Watkins Steps In as Gill Retires from BNYM

Dan Watkins has been appointed head of BNY Mellon Markets in Europe, the Middle East and Africa (EMEA). He succeeds Richard Gill, who is retiring from the business after 22 years with the group.
Gill joined Bank of New York in 1995 as head of its spot FX trading team, before being appointed global co-head of FX trading and senior global markets officer in Europe at BNY Mellon. He joined the bank from First National Bank of Chicago, where he worked for four years.