BNY Mellon Modernizes the Transactional and Custody FX Experience with FX Algos Capabilities
NEW YORK, Oct. 7, 2021 /PRNewswire/ -- BNY Mellon is expanding its Custody FX offering, adding new trading capabilities and pivoting from a primarily custody-focused service model into a transparent open architecture that can be leveraged by a variety of client types for their rules-based, end-to-end transaction needs.
Effective immediately, clients in our FX trading programs can customize how they trade currencies through BNY Mellon, among other new improvements introduced to the firm's Custody FX programs to increase transparency and provide more flexibility for participants.
BNY Mellon's suite of new enhancements delivers more autonomy for users to transact in the manner in which they wish. Among the new capabilities, FX trading program clients can now achieve improved Large Order Execution via access to algorithmic execution methods for orders over a certain size.
The incorporation of these new capabilities into the program will enable users to design elements of their standing orders as well as deliver further enhancements including:
"These enhancements are the result of listening to our clients who told us loud and clear that they want to be more empowered to customize their FX trading program parameters, trade in larger sizes, enjoy consistent pricing and attain full visibility into how their instructions are being carried out," says Jason Vitale, Global Head of FX at BNY Mellon. "These improvements place clients firmly in control."
Today's announcement follows the July 2020 launch of an API FX solution that reduced confirmation times for restricted emerging market currencies from hours to seconds. In June 2020, BNY Mellon expanded its FX capabilities in Singapore with the launch of an onshore FX pricing and trading engine in the nation, bolstering its FX capabilities across the APAC region.
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