BNY Mellon, the investment management and securities servicing firm, has launched BNY Mellon Clearing International, a derivatives clearing services provider for buy- and sell-side institutions in Europe, the Middle East and Africa (EMEA).
As well as futures and options clearing, BNY Mellon Clearing International will also offer general operations services including trade novation, margin management, risk management, and reporting. The firm also intends to provide clearing for over-the-counter (OTC) derivatives once new regulations governing clearing and trading of OTC swaps have been finalised by US and European regulators.
Tim Murphy has been appointed as head of BNY Mellon Clearing International for EMEA, reporting to Sanjay Kannambadi, CEO and global head of BNY Mellon Clearing, who is based in the company's New York headquarters.
“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,” said Kannambadi.
The new company will be headquartered in Dublin, Ireland, and BNY Mellon says it will be the first MiFID-regulated futures and derivatives clearing entity in the country.
BNY Mellon Clearing International, which will be regulated by the Central Bank of Ireland, plans to become a clearing member on major exchanges and clearing houses.
BNY Mellon Clearing provides direct clearing services to trading venues and clearing houses including the New York Mercantile Exchange, Chicago Board of Trade and International Derivatives Clearing Group.