The company said that Global Collateral Services will bring together its global capabilities in segregating, allocating, financing and transforming collateral for its clients, including its broker-dealer collateral management, securities lending, collateral financing, liquidity and derivatives services teams.
BNY Mellon senior executive vice president and head of global operations and technology Kurt Woetzel will lead the new division.
Woetzel said that the new unit will address the growing needs for the company’s clients to manage their counterparty and market risk through the full range of collateral management solutions it offers.
"These regulatory mandates will result in an unprecedented need for and effective deployment of collateral across our entire client base, significantly increasing the demand for the collateral management services that we deliver," added Woetzel.
BNY Mellon also operates a global collateral management technology platform that is designed to handle all asset types that are denominated in multiple currencies.
