BNY Mellon has received regulatory approval to launch a new issuer central securities depository (CSD) entity, offering market participants enhanced interoperability and efficiency.
In addition the BNY Mellon CSD SA/NV will offer issuer, settlement and safekeeping services for the benefit of all market participants across Europe and the wider global marketplace.
The CSD will be regulated by the National Bank of Belgium with Chris Prior-Willeard appointed as CEO of the new entity.
Prior-Willeard said: "In establishing the BNY Mellon CSD, we are redefining what it means to be a global custodian and how our industry will provide investment services. By becoming a CSD, we are responding to the current regulatory imperatives around issuance and settlement services.”
“We will be able to offer our clients access to integrated services across the full spectrum of the securities value chain to allow them to accommodate new requirements mandated by, for example, the European Market Infrastructure Regulation (EMIR)."
Tim Keaney, vice-chairman and CEO of investment services at BNY Mellon, said: "BNY Mellon supports current regulatory and infrastructure initiatives aimed at making the securities markets more efficient and safer for all participants. Establishing BNY Mellon CSD reflects our proactive engagement with those initiatives to integrate and unify Europe's financial markets infrastructure.”
