BNY Mellon uses T2S for Italian CSD link
16 December 2016 London
Image: Shutterstock
BNY Mellon has partnered with Italy鈥檚 central securities depositary (CSD) Monte Titoli through its Target2-Securities (T2S) connection.
The bank will leverage its status as a directly connected participant to T2S to settle will settle transactions in listed securities, such as equities and fixed income with Monte Titoli.
Previously, BNY Mellon settled transaction in the Italian market through sub-custodian services.
鈥淲e are delighted that BNY Mellon, one of the world鈥檚 largest investment services companies, has become a participant of Monte Titoli,鈥� said Mauro Dognini, chief executive of Monte Titoli.
鈥淚n doing so, BNY Mellon and its clients will be able to fully benefit from the implementation of T2S using Monte Titoli for the provision of settlement, asset and fiscal services, which will help improve operational efficiency and reduce risk.鈥�
Tom Casteleyn, head of product management for custody, cash and foreign exchange at BNY Mellon, said: 鈥淥ur connection to T2S will help us streamline back-office operations and reduce risk by offering our clients direct access to central bank money.鈥�
鈥淥ur direct accounts with Monte Titoli will enable us to provide clients with deadlines that are closer to market cut-offs, whilst improving our asset servicing capabilities.鈥�
The bank will leverage its status as a directly connected participant to T2S to settle will settle transactions in listed securities, such as equities and fixed income with Monte Titoli.
Previously, BNY Mellon settled transaction in the Italian market through sub-custodian services.
鈥淲e are delighted that BNY Mellon, one of the world鈥檚 largest investment services companies, has become a participant of Monte Titoli,鈥� said Mauro Dognini, chief executive of Monte Titoli.
鈥淚n doing so, BNY Mellon and its clients will be able to fully benefit from the implementation of T2S using Monte Titoli for the provision of settlement, asset and fiscal services, which will help improve operational efficiency and reduce risk.鈥�
Tom Casteleyn, head of product management for custody, cash and foreign exchange at BNY Mellon, said: 鈥淥ur connection to T2S will help us streamline back-office operations and reduce risk by offering our clients direct access to central bank money.鈥�
鈥淥ur direct accounts with Monte Titoli will enable us to provide clients with deadlines that are closer to market cut-offs, whilst improving our asset servicing capabilities.鈥�
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