BNY Mellon Rolls Out FX Options Products

BNY Mellon has gone live with foreign exchange (FX) options products in the US to allow their clients to better hedge currency exposure. The new venture will be led by Sam Osterman, who joined BNY Mellon as global head of FX options in January. He formerly served as head of flow options at Barclays before joining BNY Mellon. The bank’s currency trading desk currently offers several FX derivatives products, including spot, forwards, and non-deliverable forwards. BNY Mellon said the addition of options complements its existing FX business which consists of FX custody, payments and hedging. BNY Mellon has increased its efforts in the FX space recently, after confirming plans to launch FX prime brokerage. The service was developed in order to provide BNY Mellon’s clients with access to a new source of liquidity in the FX space.