The Bank of New York Mellon Corporation (BNY Mellon) has announced the release of its Universal FX solution aimed at introducing transparent and low-fee FX services.
With the new tool, BNY Mellon will look to support its clients across market segments such as investment managers, wealth managers and hedge funds to navigate the industry transition to T+1 settlement.
Investment management clients can manage their whole portfolio with access to Developed Market and Emerging Market currency execution, eliminating the need to juggle between several providers that often results in inconsistent FX executions.
Jason Vitale, Head of Global Markets Trading, BNY Mellon, commented: “Clients often have fragmented portfolios, causing friction, lack of transparency and inconsistency while accessing services across pricing, execution and post-trade.
“With the launch of Universal FX and our existing OneFX product suite, our clients can now control and customise their portfolio in one place – gaining 360-degree insight, providing a seamless experience across the entire execution process. This also comes at a unique moment as clients seek streamlined solutions to adjust to the T+1 settlement cycle.”
The new offering builds on BNY Mellon’s OneFX suite of solutions and banking capabilities for FX trading and cross-border payments, which is designed to connect clients across the entire FX spectrum.