BNY Mellon is set to launch a new Issuer Central Securities Depository (CSD) entity for improved interoperability and efficiency in the global post-trade field, following the receipt of regulatory approval.
The new CSD will offer issuer, settlement and safekeeping services for the benefit of all market participants across Europe and overseas.
BNY Mellon Investment Services vice-chairman and CEO Tim Keaney said, "Establishing BNY Mellon CSD reflects our proactive engagement with those initiatives to integrate and unify Europe’s financial markets infrastructure."
The new entity will be incorporated as a non-bank subsidiary and regulated by the National Bank of Belgium with Chris Prior-Willeard serving as CEO.
Prior-Willeard said, "We will be able to offer our clients access to integrated services across the full spectrum of the securities value chain to allow them to accommodate new requirements mandated by, for example, the European Market Infrastructure Regulation (EMIR)."
The new depository will aim to offer clients the benefits of cross-border interoperability, as well as provide services in local markets as a pan-European institution.
Operating in 36 countries and serving more than 100 markets, BNY Mellon has $27.9trn in assets under custody and administration and $1.4trn in assets under management, as at 30 September 2012.