BNY Mellon has partnered with GLMX to enable buy-side clients to direct repo trades at the point of execution to BNY Mellon’s Triparty platform.
The two firms said the integration comes off the back of growing demand from clients seeking to expand their BNY Mellon triparty usage beyond uncleared margin into repo financing, helping them to capture more benefits from being on the collateral platform.
“This integration with GLMX re-enforces our commitment to enhance the user experience for our growing buy-side client base on Triparty,” said Ted Leveroni, head of margin services at BNY Mellon. “In our 240th year of business, we are proud to utilise our expertise to form relationships that provide innovative solutions and capabilities for our clients.”
The partnership connects BNY Mellon’s $5.25 trillion triparty liquidity pool into GLMX’s $2 trillion network.
“Building interoperability with BNY Mellon creates a seamless workflow from negotiation and execution to settlement for our global clients,” added GLMX CEO, Glenn Havlicek. “This step is consistent with GLMX’s objective of providing a single access point which connects the global money market to deep liquidity pools, regardless of trade structure, settlement type or trading instrument.”
At the backend of last year, the Abu Dhabi Investment Authority (ADIA) agreed a $100 million repo transaction with the Liquidity and Sustainability Facility (LSF) and the African Export-Import Bank (Afreximbank) within BNY Mellon’s triparty facility to incentivise sustainability-linked investments in Africa.