BNY Mellon Asset Servicing enhances over-the-counter (OTC) derivatives services by providing automated OTC trade affirmation and confirmation to investment managers and financial institutions in the United States and Europe.
To provide customers with OTC position reconciliation and market value reconciliation BNY Mellon partners with Markit Trade Manager, a trade risk management platform. Markit also will provide complete connectivity to industry utilities such as Markit Wire and DTCC.
“We have a multi-year program of investing in derivatives services and we have now further automated our integrated-architecture offering in the entire lifecycle of OTC trade processing,” says Ahmad Sharif, managing director and product head of investment manager outsourcing, BNY Mellon Asset Servicing.
“For OTC contracts, this lifecycle includes trade execution, affirmation and confirmation; events and rate resets; payment calculation and delivery/receive; independent pricing and valuation; collateral management; and daily position and value reconciliation with counterparties.”
“Markit’s partnership with BNY Mellon strengthens our position as a leading provider of trade processing solutions to fund administrators and institutional investors in the global OTC derivatives market,” says Jeff Gooch, executive vice president and co-head of trade processing, Markit. “Access to a broad range of Markit’s industry-standard trade processing services will give BNY Mellon clients the ability to reduce operational risk and improve operational efficiency.”