Bank of New York Mellon recently completed its leg of an industry initiative to reduce risk in the tri-party repo markets, following the disastrous role those markets played in causing the 2008 financial crisis. After successfully implementing a series of reforms laid out by the Federal Reserve-led Task Force for U.S. Tri-Party Repo Infrastructure Reform,… Read More >>
BNY Mellon Promotes for CEO of Wealth Management
BNY Mellon, an investment management and investment services provider, has promoted Donald J. Heberle to be the new CEO of BNY Mellon Wealth Management, succeeding current CEO Lawrence Hughes who is retiring on June 30, officials say. Hughes, who is leaving after 24 years with BNY Mellon, will continue with BNY Mellon in an advisory… Read More >>
Nomura Joins Retreat from Swaps Clearing
Nomura Holdings is getting out of the clearing game for swaps transactions, dropping a previously offered service where the bank acted as a gateway for getting its customers’ swaps trades guaranteed by clearing houses. Nomura is just the latest of several banks to back away from clearing amid low margins and high costs imposed mainly… Read More >>
BNY Mellon Pays $714M to Settle FX-Related Woes
The Bank of New York Mellon Corp. (BNY Mellon) has agreed to pay a total of $714 million to resolve “substantially all of the foreign exchange (FX)-related actions currently pending against the company,” say BNY officials. The settlements with the U.S. Department of Justice (DOJ), the New York Attorney General (NYAG), the U.S. Department of… Read More >>
Eagle Promotes Cullen to CEO
Eagle Investment Systems, a financial services technology company that is part of BNY Mellon, reports the promotion of Mal Cullen to CEO. He succeeds John Lehner, who becomes Eagle’s chairman. Cullen joined Eagle in 2001 as head of Canadian operations, and served most recently as head of the Americas and of the operations of Eagle… Read More >>
BNY and CME Group Join Forces for Hedging
Custodian bank BNY Mellon and derivatives exchange company CME Group have partnered to provide a new interest rate hedging tool, the U.S. Tri-Party Repo Indices, officials say. BNY Mellon’s role in the collaboration will be to prepare and provide daily U.S. tri-party repo indices that reflect overnight interest rates on tri-party repo transactions collateralized by… Read More >>
The ADR Project’s Big Spinoff
A successful pilot project to automate corporate actions processing for American Depositary Receipts has inspired XBRL International’s Standards Board (XSB) to think seriously about a global corporate actions taxonomy (dictionary) for a digital language — the eXtensible Business Reporting Language (XBRL) — that could bring a new order to the reporting of corporate actions data…. Read More >>
ADR Corporate Action Processing Grows Up
Michael Silverence is hoping that the days of using PDFs to spread the word in the U.S. and globally about the corporate actions impacting American Depositary Receipts (ADRs) are numbered. The BNY Mellon vice president, who oversees global product management, particularly innovation and technology, has been heavily involved in a project to automate corporate actions… Read More >>
BNY Mellon Hires Ex-CEO from Jet Airways
Investment management and services provider BNY Mellon has hired Nikos Kardassis, the former CEO of Jet Airways of India, for a new position to oversee the enterprise product management group, strategic program management, and Asset Servicing product management, officials say. BNY Mellon has also shuffled executives at the Bank of New York Mellon Trust Company… Read More >>
J.P. Morgan to Slash 8,000 Jobs as HedgeMark Shuffles Execs
J.P. Morgan Chase to Slash 8,000 Jobs During an investors’ day presentation this week, JPMorgan Chase & Co. officials disclosed that they will be laying off 8,000 staff members from its consumer-oriented businesses while adding to its control groups such as compliance with the hiring of 3,000 new staff, officials say. The net of these… Read More >>
