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 >>
BNY Mellon to Use Markit as SWIFT Readies a KYC Registry
BNY Mellon to Use Markit for EDM Support BNY Mellon Asset Management has selected Markit’s enterprise data management (EDM) platform to unify significant components of its data management operations and eliminate manual processes, say BNY and Markit officials. Markit officials say the vendor was selected after “an extensive due diligence process” and proof of concept… Read More >>
BNY Mellon Announces Executive Promotions as Barclays Bolsters U.S. Presence
BNY Mellon Lines Up Executives for 2013 Global custodian bank BNY Mellon has announced three executive promotions, effective Jan. 1, 2013, in an effort to grow its investment management and services businesses. Karen B. Peetz, the current vice chairman and CEO of Financial Markets and Treasury Services will become president of BNY Mellon, officials say…. Read More >>
FinTech Products Update
The Depository Trust & Clearing Corp. (DTCC) has moved into the third phase of its corporate actions messaging overhaul with a new corporate actions pilot program intended to test ISO 20022 messages that incorporate all stages of distribution events from entitlements and payments to instructions.During the first two phases of the overhaul, DTCC officials upgraded… Read More >>
