BNY Mellon to build franchise partnerships using FXPB
The bank’s FX prime brokerage beta clients could go live within the next month
Bank of New York Mellon, one of the US’s oldest custody banks, plans to use its new foreign exchange prime brokerage service as a means to increase its franchise trading partnerships, some nine months after FX Week first reported the bank’s intention to step into the space.
The bank is planning to enter the FXPB space early this year with an offering geared towards new and existing institutional clients, such as hedge funds and real-money customers. Its platform is currently in production. BNY
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