BNY Mellon has announced its Brussels-based central securities depository (CSD) has been recognized as a securities settlement system by the Luxembourg Stock Exchange.
Last year, BNY Mellon CSD signed a framework agreement to comply with the Target2–Securities (T2S) regime and outsource settlement to the T2S settlement platform, which is slated to go live in 2015.
"This is a significant step in building out our CSD entity, as it gives us the ability to provide straight-through processing for new Luxembourg-listed issues of securities and funds," says Chris Prior-Willeard, CEO of BNY Mellon CSD. "That new ability and our recognized securities settlement system status are set to become ever more important as new regulations impact central counterparties (CCPs), Ucits and other regulated entities."
BNY Mellon was the first global custodian to launch a separate CSD entity, incorporated as a non-bank subsidiary of BNY Mellon Corp.
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