CME Clearing Europe goes live with BNY Mellon CSD SA/NV
LONDON, Sept. 3, 2014
LONDON, Sept.3, 2014 /PRNewswire/ --BNY Mellon, a global leader in
investment management and investment services, has today announced CME
Clearing Europe as the first external client of BNY Mellon CSD SA/NV, the
company's Belgium-based central securities depositary.
CME Clearing Europe, CME Group's European clearing house, settled its first
securities transaction through BNY Mellon CSD in late August.
Article 47.3 of the European Market Infrastructure Regulation (EMIR) requires
that margin collateral for a central counterparty (CCP) must be segregated and
held by the operator of a recognised Securities Settlement System (SSS), such
as BNY Mellon CSD.
Lee Betsill, CEO at CME Clearing Europe, said: "Our relationship with BNY
Mellon CSD is important to us because it means that clients can benefit from
an additional option in respect of CME Clearing Europe's collateral protection
models, which will in due course include our new fully segregated account
structure. This structure ensures that collateral held at a central securities
depository is fully segregated at the individual client level, which provides
an enhanced level of collateral protection for all scenarios in the event of a
Chris Prior-Willeard, CEO of BNY Mellon CSD SA/NV, said: "Our appointment by
CME Clearing Europe is a key milestone in the ongoing development of our CSD
proposition and demonstrates the market recognises the value and innovation we
bring to the post-trade infrastructure space. We are committed to establishing
further links to support CCPs in managing and accessing a wider range of
collateral, as well as offering settlement for all market participants."
As part of its ongoing build-out programme following its establishment as an
issuer CSD in December 2012, BNY Mellon CSD established a link with Euroclear
Bank in June 2014 as the first step to its transition to investor CSD
status.In March of this year,BNY Mellon CSD was accepted as a recognised
system for settling transactions in securities listed on the two markets
operated by the Luxembourg Stock Exchange.
Notes to editors:
Established in December 2012, BNY Mellon CSD SA/NV provides issuer, settlement
and safekeeping services for the benefit of all market participants across
Europe and the wider global marketplace. Additional information is available
BNY Mellon is a global investments company dedicated to helping its clients
manage and service their financial assets throughout the investment lifecycle.
Whether providing financial services for institutions, corporations or
individual investors, BNY Mellon delivers informed investment management and
investment services in 35 countries and more than 100 markets. As of June 30,
2014, BNY Mellon had $28.5 trillion in assets under custody and/or
administration, and $1.6 trillion in assets under management. BNY Mellon can
act as a single point of contact for clients looking to create, trade, hold,
manage, service, distribute or restructure investments. BNY Mellon is the
corporate brand of The Bank of New York Mellon Corporation (NYSE: BK).
Additional information is available on www.bnymellon.com or follow us on
This press release is issued by The Bank of New York Mellon to members of the
financial press and media.
All information and figures source BNY Mellon unless otherwise stated as at
June 30, 2014.
The Bank of New York Mellon, London Branch, registered in England and Wales
with FC005522 and BR000818.
Branch office: One Canada Square, London E14 5AL. The Bank of New York Mellon
is supervised and regulated by the New York State Department of Financial
Services and the Federal Reserve and authorised by the Prudential Regulation
The Bank of New York Mellon London branch is subject to regulation by the
Financial Conduct Authority and limited regulation by the Prudential
Details about the extent of our regulation by the Prudential Regulation
Authority are available from us on request.
+44 20 7163 5850
SOURCE BNY Mellon
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