BNY Mellon’s Neal on funding, liquidity and collateral

Markets head Michelle Neal says firm has “big responsibility” after JP Morgan’s tri-party repo exit

Michelle Neal 2017 2
Michelle Neal: “We will continue to connect market participants to support systemic activities”

Michelle Neal was a bit puzzled when BNY Mellon approached her to run its markets business in mid-2015.

A few months earlier, the bank had shut down its derivatives sales and trading business, having already exited the clearing business in 2013.

Did BNY Mellon – which is known primarily as a custodian bank – want to rebuild a derivatives trading business from scratch, with Neal at the helm?

“Had that been the pitch, I would have run a mile,” says Neal, who was global head of listed

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