BNY Mellon Launches BNY Mellon Clearing International
BNY Mellon, an investment management and investment servicing institution, has created a new company to clear futures and derivatives trades on behalf of institutional clients in Europe, Middle East and Africa (EMEA). Headquartered in Dublin, BNY Mellon Clearing International is the first Markets in Financial Instruments Directive (MiFID) authorised futures and derivatives clearing entity in Ireland and is regulated by the Central Bank of Ireland.
It plans to become a clearing member on major exchanges and central clearing houses globally to support the trading activities of BNY Mellon clients and intends to lead to the creation of 50 new jobs in Ireland over the next two years.
Tim Murphy will serve as head of BNY Mellon Clearing International for EMEA, reporting to Sanjay Kannambadi, chief executive officer (CEO) and global head of BNY Mellon Clearing (BNYMC), who is based in the company’s New York headquarters.
Kannambadi said: “Given the significant regulatory and competitive shifts in the market following the financial crisis, the formation of BNY Mellon Clearing International was strategically timed to meet the emerging and growing needs of our clients. It is critical that we support our clients wherever they want to clear their transactions.”