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BNY Mellon purchases ownership stake in FastMatch

Bank of New York Mellon (BNY Mellon) has purchased an ownership interest in FastMatch, joining Credit Suisse Group and FXCM in the venture, as part of its implementation of electronic communication network (ECN)-based trading capabilities.

Participation in FastMatch ECN will enable traders with access to more timely pricing information, efficient transaction processing and increased liquidity, claims the asset manager.

BNY Mellon executive vice president and global head of foreign exchange sales Jorge Rodriguez said that investors are increasingly focused on the importance of managing currency risk.

Designed to offer access to large pools of diversified liquidity at unmatched speed and pricing transparency, FastMatch has also been upgraded with latest technology to fulfill the requirements of global foreign exchange traders.

BNY Mellon Global Markets comprises the foreign exchange and derivatives business together with the securities business, which provide products for corporate, institutional and high net worth investors.

Managing foreign exchange sales and trading desks in New York, Boston, Pittsburgh, London, Brussels, Hong Kong, Tokyo, Taipei, Seoul and Shanghai, BNY Mellon Global Markets has access to over 100 nations.

As of 31 December 2012, BNY Mellon had $26.7 trillion in assets under custody and administration, and $1.4 trillion in assets under management.