June 27, 2012 (PLANSPONSOR.com) - BNY Mellon has created a unit to help clients manage collateral.
Global Collateral Services serves broker-dealers and institutional investors facing rapidly expanding collateral management needs as a result of current and emerging regulatory and market requirements. The unit is led by Kurt Woetzel, senior executive vice president and head of BNY Mellon’s Global Operations and Technology. It brings together the firm’s broker-dealer collateral management, securities lending, collateral financing, liquidity and derivatives services teams.
"Global regulations and changing market dynamics are mandating new and complex requirements for the use of collateral, which are forcing both sell-side and buy-side firms to reevaluate their need for and use of collateral,” said Gerald L. Hassell, chairman, president and chief executive officer. “We have a compelling opportunity to build on our industry leading position in this space given the clear and growing client requirements for secure, efficient and reliable collateral services.”
BNY Mellon also operates a proprietary global collateral management technology platform designed to handle all asset types denominated in any currency. It processes a wide array of transaction types, including derivatives, tri-party repurchase agreements, portfolio swaps, and collateralized loans, as well as a variety of margin management activities.