BNY Mellon Launches Universal FX
Posted by Colin Lambert. Last updated: October 26, 2023
Just days after its rival State Street launched its own FX solution to help clients overcome the challenges associated with the US’ move to T+1 settlement in its securities markets, BNY Mellon has announced the rollout of Universal FX, a solution the bank says will allow clients to manage execution across their entire portfolio as well as navigate the industry transition to T+1 settlement.
The bank says the investment management industry often manages portfolios across several providers resulting in an inconsistent FX execution experience. Through Universal FX, clients can now manage their whole portfolio, irrespective of where they custody, prime broker or settle trades. The solution provides access to developed and emerging market currency execution, enhancing the FX experience for clients globally.
“Clients often have fragmented portfolios, causing friction, lack of transparency and inconsistency while accessing services across pricing, execution and post-trade,” explains Jason Vitale, head of global markets trading, BNY Mellon. “With the launch of Universal FX and our existing OneFX product suite, our clients can now control and customize 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.”