Headquartered in Dublin, BNYMCIL is a MiFID authorized futures and derivatives clearing entity in Ireland and is regulated by the Central Bank of Ireland, the US asset manager said.
BNY Mellon said it plans to become a clearing member on major exchanges and central clearinghouses globally to support the trading activities of its clients and intends to lead to the creation of 50 new jobs in Ireland over the next two years.
Tim Murphy will serve as head of the new initiative for Europe, Middle East and Africa, reporting to Sanjay Kannambadi, CEO and global head of BNY Mellon Clearing (BNYMC), who is based in the company’s New York headquarters.
The services of the new firm are expected to include general operations; including trade novation, margin management, risk management, and reporting.
As over the counter (OTC) swaps move into control clearing, BNY Mellon Clearing International and BNYMC will provide solutions to clear these products.
BNY Mellon CEO of Global Markets Art Certosimo, who is responsible for the derivatives clearing business, said through this new entity, the company can now offer clients clearing member services for exchange-traded derivative products on exchanges and clearing houses both in the US and Europe.
