The new capabilities are aimed at improving risk management practices among market participants.
BNY Mellon’s enhancements support the Tri-Party Infrastructure Reform Task Force Recommendations issued in May 2010.
According to the company, the trade matching service enhancements will allow dealers and cash investors to submit trade details according to 13 standard matching parameters via AccessEdge, BNY Mellon’s web portal for tri-party repo clients, or either a SWIFT or proprietary BNY Mellon message format.
BNY Mellon said it will conduct an automated matching process, which will provide dealers and investors with a consolidated view of trade instructions, terms and modifications.
In addition to the online functionality, dealers and investors will be able to submit trades and receive updates using real time messaging capabilities or via file formats using industry standard protocols. Vendors can also submit trades in this manner on behalf of market participants, said the company.
BNY Mellon Broker-Dealer Services CEO James Malgieri said by introducing these enhanced capabilities, they will significantly improve the timing, transparency and accuracy of tri-party settlements, which will lead to greater confidence and reduced risk in the market overall.
