BNY Mellon to Launch FX Prime Brokerage Service

Jan 22 2018 | 5:25pm ET

The Bank of New York Mellon (BNY Mellon) has announced plans to launch a prime brokerage service for its institutional clients today.

The introduction of the new service intends to address the increasingly complex and capital-constrained foreign exchange market, according to the company in a press release.

BNY Mellon says the service will launch in early 2018 and allow participants to more efficiently trade, finance and margin their forex while helping them streamline and reduce operational expenses.

“We’re launching a traditional prime brokerage service with a twist,” said Chief Operating Officer Jason Vitale at BNY Mellon in a statement. “BNY Mellon’s new service opens up access to multiple new sources of liquidity for new and existing clients.”

BNY Mellon is a global investments company that provides financial services, such as investment management, wealth management, and investment services, for institutions, corporations, and individual investors.

BNY Mellon has $33.3 trillion in assets under custody and/or administration, and $1.9 trillion in assets under management as of Dec. 31, 2017.

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