BNY Mellon expanded its derivatives offerings to adapt to the European Market Infrastructure Regulation, the Markets in Financial Instruments Directive and the Dodd-Frank Act. The launch of BNY Mellon Clearing has allowed the bank to become a central clearing member on major exchanges. Reacting to global and regional money market regulatory reform, BNY Mellon has developed a tool for money-market stress testing.
BNY Mellon also claimed the European Hedge Fund Administrator of the Year (AUA > $100bn) award. Assets under administration climbed by more than 50% at the end of second-quarter 2011 to €67 trillion, while client numbers climbed 20% to 177. The bank introduced alternative prime custody, an innovative product linking trade execution, custody, collateral management, cash management, foreign exchange, self-directed financing and direct securities lending from one integrated platform.
The judges also awarded BNY Mellon the European Broker/Dealer Custody & Clearing Provider of the Year award due to the enhancement of its prime custody solutions in partnership with its biggest clients. It developed bespoke engineering of processes around instruction capture, reporting for a major prime broker to deliver on its commercial and risk imperatives. The provider delivered a custody and collateral management framework that meets the requirements of the new post-trade world.
In the Custodian of the Year: the Netherlands category, the judges praised BNY Mellon’s focus on the local market and client wins, including an insurance company with €41.6 billion of assets and a pension fund with €12.5 billion of assets. BNY Mellon launched distribution support services, enabling clients to raise and retain assets, distribute their funds globally and expand into new markets.
BNY Mellon Fund Services (Ireland) won the Fund Administrator of the Year: Ireland award. It increased its client base by 19% and enhanced its processing platforms to support client requests and industry trends. BNY Mellon’s middle-office functionality provided industry-leading support and improved operational efficiencies for post-trade processing, reconciliation, portfolio accounting, data management, performance measurement, client statements and reporting.