MJX Asset Management Live on BNY Mellon’s Data Reconciliation Service
BNY Mellon Corporate Trust has announced that New York-based MJX Asset Management is the first of its clients to go live on its new data reconciliation service.
The offering is geared toward the syndicated loan market and it will allow clients of BNY Mellon to load their loan trading data directly into the Loan/Serv platform at the Depository Trust & Clearing Corp. (DTCC).
This product is designed to help a firm improve its position recordkeeping by allowing it to compare its data with an agent's position. BNY Mellon says that by having the data from all parties on a single platform, clients are able to reconcile the details of a loan on an automated basis daily, and identify and resolve differences in positions early.
"We believe this end-to-end service will significantly reduce our administrative burden and increase the accuracy of a very important but usually labor-intensive process that is crucial to effective risk management," says Pierre Batrouni, managing director at MJX Asset Management.
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