BNY Mellon Launches New FX Platform to Help Manage Execution and Access to Price Transparency

BNY Mellon has launched a new foreign exchange (FX) platform, meeting client demands to manage execution across their entire portfolio and access improved price transparency. Named Universal FX, the platform supports BNY Mellon clients across all market segments, including investment managers, corporates, hedge funds and wealth managers. BNY Mellon stated that the new platform will also help clients navigate the industry transition to T+1 settlement. Universal FX will allow clients – who often manage portfolios across several providers – to avoid inconsistent FX execution by allowing them to manage their whole portfolio, regardless of where they custody, prime broker or settle trades. The solution also provides access to developed market and emerging market currency execution, improving the FX experience for clients globally. “Clients often have fragmented portfolios, causing friction, lack of transparency and inconsistency while accessing services across pricing, execution and post-trade,” said Jason Vitale, head of global markets trading at BNY Mellon. “With the launch of Universal FX and our existing OneFX product suite, our clients can now control and customise their portfolio in one place – gaining 360-degree insight, providing a seamless experience across the entire execution process. This also comes at a unique moment as clients seek streamlined solutions to adjust to the T+1 settlement cycle.”