BNY Mellon goes live on Derivatives

Custodian now live with two investment managers

Published on 17 September 2008
Left to right: Ahmad Sharif, Managing Director, Global Product Manager, Derivatives, BNY Mellon. Felina Solomon, Global Account Manager, SWIFT
Bank of New York Mellon has become the first custodian to go live on SWIFT’s Derivatives solution. According to Ahmad Sharif, Managing Director, Global Product Manager, Derivatives at BNY Mellon, the bank has already gone live with two of its investment managers, and plans to go live with another two in the next three to six months. “We are focusing on our high volume managers” says Sharif.

The volume of derivatives transaction messages coming over the solution is only small so far, as the project has only just begun, but Sharif is expecting this to grow soon. “We hope that over the next year significant volumes will start coming through SWIFT from our investment managers,” he says.

The bank has traditionally received derivatives transaction processing messages over fax. The shift to Derivatives for messages from its high-volume managers will help the bank increase automation and straight-through processing (STP).