BNY Mellon ( NYSE: BK ) is expanding its outsourced trading to buy-side institutions globally, including asset managers and asset owners, the bank said Wednesday.
The service, offered by BNY Mellon Capital Markets LLC, will be driven by xBK, the buy-side trading division that executes more than $1T in volumes on average annually for BNY Mellon's ( BK ) Investment Management franchise.
The outsourced trading offering is designed to help clients:
- reduce spending on data, trading infrastructure, analytics and reporting, and associated trade execution support functions;
- expand into new asset classes and regions;
- improve trading outcomes through automation and systematic workflow; and
- access BK's range of services across front, middle, and back-office functions.
"The asset management industry is at a critical inflection point as it continues to address fee pressures, higher operating costs, increased trading complexity and heightened regulatory requirements," said Dragan Skoko, head of Outsourced Trading & xBK, BNY Mellon ( BK ). "Against this backdrop, we have expanded access to our deep execution expertise and invested heavily to build a cutting-edge technology stack."
In 2020, Cowen ( COWN ), which is set to be acquired by TD Bank ( TD ), expanded its outsourced trading for foreign exchange, commodities and futures
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BNY Mellon expands outsourced trading to buy-side firms