Winterflood Securities selects BNY Mellon for clearing and custody

BNY Mellon has been appointed by Winterflood Securities to provide US DTCC and Canadian securities clearing and custody services.

As part of the arrangement BNY’s broker dealer services will provide clearing and settlement services as a direct participant in the US and through a single sub-custodian in Canada.

In addition, Winterflood will also have access to BNY’s enhanced clearing capabilities allowing earlier transmission of orders and the opportunity to realign collateral if required.

“BNY Mellon impressed us with its experience and knowledge of the North American securities market and its prominence as a leading custody and clearing provider was an important factor in our decision,” said Simon Rafferty, chief operating officer at Winterflood Securities.

The news follows BNY’s revelation that its assets under custody grew to $29.1 trillion at the end of Q1, while asset servicing fees were also up by $2 million. This was attributed to BNY Mellon more carefully selecting its new business assignments.

“BNY Mellon is able to provide us with a solution tailored to our specific trading requirements that allows us to deliver timely, high quality services to our clients.”

“We continue to invest in our technology and solutions to provide our clients with market leading, comprehensive clearing and settlement services,” said Scott Coey, head of broker dealer services EMEA at BNY Mellon.

“The functionality will provide Winterflood with more timely trading in the US and Canada and a more efficient and streamlined trading process.”