BNY Mellon is expanding its Custody FX offering, adding new trading capabilities and pivoting from a primarily custody-focused service model into a transparent open architecture that can be leveraged by a variety of client types for their rules-based, end-to-end transaction needs.
Effective immediately, clients in BNY Mellon’s FX trading programs can customize how they trade currencies through BNY Mellon, among other new improvements introduced to the firm’s Custody FX programs to increase transparency and provide more flexibility for participants.
BNY Mellon’s suite of new enhancements delivers more autonomy for users to transact in the manner in which they wish. Among the new capabilities, FX trading program clients can now achieve improved Large Order Execution via access to algorithmic execution methods for orders over a certain size.
The incorporation of these new capabilities into the program will enable users to design elements of their standing orders as well as deliver further enhancements including:
- Improved Transparency – Upgraded trade micro-timestamping facilitates enhanced transaction cost analysis (TCA) for clients, providing visibility into how their instructions are being fulfilled and executed.
- Expanded Portfolio Customization – Clients have more customizable rules-based options to tailor their FX strategies.
- Upgraded Asia Execution Capabilities – enhanced offering across APAC markets, including adding expanded benchmark execution giving clients more transparency while broadening the client coverage team throughout the region.
“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,” says Jason Vitale, Global Head of FX at BNY Mellon. “These improvements place clients firmly in control.”
Today’s announcement follows the July 2020 launch of an API FX solution that reduced confirmation times for restricted emerging market currencies from hours to seconds. In June 2020, BNY Mellon expanded its FX capabilities in Singapore with the launch of an onshore FX pricing and trading engine in the nation, bolstering its FX capabilities across the APAC region.