The company has already been
authorised as a futures commission merchant, and is registered
with the National Futures Association. It plans to become a
clearing member on major exchanges and central clearinghouses
around the world.
Sanjay Kannambadi will be CEO,
reporting to Art Certosimo, CEO of alternative and
broker-dealer services at BNY.
"BNY Mellon Clearing will provide
clients with our extensive operations, technology, risk,
finance and compliance capabilities, along with access to
exchanges and clearinghouses around the world," said
Kannambadi. "The company’s formation is designed
to anticipate the rapid changes occurring in the clearing and
settlement process for derivatives and the need for
institutional investors to have a capable, stable partner as
the market grows and evolves."
The news came a month after BNY
Mellon’s Pershing back office arm launched
GlobalClear, a new clearing, settlement and custody service for
institutional broker-dealers in Europe.
Clients can use it to outsource their back
office systems and operations. Pershing has clearing
memberships with LCH.Clearnet, SWX Europe, Eurex Clearing and
Clearstream. Though GlobalClear will offer support for listed
derivatives, its immediate focus will be on equity and fixed