BNY Mellon has received permission from the UK Financial Services Authority to provide services in the UK and Europe through BNY Mellon Capital Markets EMEA Limited.
A spokesperson for the bank said: Complementing BNY Mellon’s extensive array of investment management and investment services offerings to clients in Europe, BNY Mellon Capital Markets EMEA Limited will be based in London and will provide services on an agent broker basis across a broad range of equity and fixed income securities.
A press release is expected shortly.
BNY Mellons spokesperson also sought to address the perception that the new business would place the bank in competition with investment banks principally focused on broker dealer services: In line with our focus on delivering the whole company, BNY Mellon has undertaken a number of important initiatives in recent years to improve the companys delivery of trading services that complement and enhance our various investment management and investment services offerings.
BNY Mellon’s primary focus is strengthening its ability to deliver trading services that are complementary to BNY Mellons client relationships.
(JDC)