The Bank of New York (BNY) Mellon has received regulatory approval for the launch of a new Issuer Central Securities Depository (CSD).
The CSD will offer increased interoperability and efficiency within the post-trade arena, according to Chris Prior-Willeard, who will head up the new entity.
"By becoming a CSD, we are responding to the current regulatory imperatives around issuance and settlement services," he says. "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). Our clients will also benefit from greater efficiency and reduced risk."
The new CSD will be incorporated as a non-bank subsidiary of the BNY Mellon Corporation in Belgium.
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