Back to top

Image: Bigstock

BNY Mellon (BK) Enhances Transactional & Custody FX Offerings

Read MoreHide Full Article

BNY Mellon (BK - Free Report) is strengthening its transactional & custody foreign exchange (FX) offerings. Effective immediately, the company is adding new trading capabilities, which will turn it into “a transparent open architecture that can be leveraged by a variety of client types for their rules-based, end-to-end transaction needs.”

Driven by the changes, the clients in the company’s FX trading programs will now be able to personalize how they trade currencies through it. This will lead to more transparency and provide increased flexibility for participants.

Through the enhancement of FX offerings, clients will be able to “design elements of their standing orders.” This will also help in portfolio customization as well as upgrade “trade micro-timestamping facilitates” and offer more clarity as to how the instructions are being executed.

BNY Mellon’s new offerings will help upgrade Asia’s capabilities. Specifically, it will enhance offering across the APAC markets and at the same time broaden the client coverage team across the region.

This new development will complement BNY Mellon’s launch of an API FX solution in July last year, which lowered “confirmation times for restricted emerging market currencies from hours to seconds.” Also, the company’s expanded FX capabilities in Singapore, which started in June 2020, will capitalize on these new offerings.

Jason Vitale, Global Head of FX at BNY Mellon, said, “These enhancements are the result of listening to our clients who told us loud and clear that they want to be more empowered to customize their FX trading program parameters, trade in larger sizes, enjoy consistent pricing and attain full visibility into how their instructions are being carried out. These improvements place clients firmly in control.”

BNY Mellon, like other banks including State Street (STT - Free Report) , JPMorgan (JPM - Free Report) and Bank of America (BAC - Free Report) , is looking for ways to strengthen client product offerings by aligning these according to their needs.

Shares of BNY Mellon have rallied 9.2% over the past three months, outperforming the industry’s rise of 8.6%.

Zacks Investment ResearchImage Source: Zacks Investment Research

Currently, BNY Mellon carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.