BNY Mellon and fintech firm, GLMX, are allowing buy-side clients to direct repo trades at point of execution to BNY Mellon’s Triparty platform.
This follows a reported growing demand from the bank’s clients seeking to expand their BNY Mellon Triparty usage beyond uncleared margin segregation into repo financing.
“This integration with GLMX reinforces our commitment to enhance the user experience for our growing buy-side client base on Triparty,” said Ted Leveroni, head of margin services, BNY Mellon. “In our 240th year of business, we are proud to utilise our expertise to form relationships that provide innovative solutions and capabilities for our clients.”
GLMX CEO, Glenn Havlicek, said, “Building interoperability with BNY Mellon creates a seamless workflow from negotiation and execution to settlement for our global clients. This step is consistent with GLMX’s objective of providing a single access point which connects the global money market to deep liquidity pools, regardless of trade structure, settlement type or trading instrument.”
This model connects BNY Mellon, a collateral manager which reports having a US$5.25 trillion triparty liquidity pool, into GLMX’s network which reported having US$2 trillion in daily system balances at the end of 2023. It also tries to address the increasing market demand for buy-side clients looking to simplify management of both their collateral and liquidity requirements.
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