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