BNY Mellon to serve Nasdaq's Nordic clearing house

currency banknotes 410BNY Mellon will provide clearing and custody for US treasuries for Nasdaq OMX Clearing, the Stockholm-based clearing house owned by the US exchange. Nasdaq OMX Clearing, which was approved as a central counterparty after gaining the assent of a group of European regulators in March, clears equity, fixed income and commodity derivatives in the Nordic markets as well as over-the-counter trades done outside the regulated markets and reported to the clearing house for clearing. BNY Mellon says its services will be compliant with the European Market Infrastructure Regulation (Emir), which, like the Dodd-Frank regulation in the US, requires that over-the-counter derivatives trades move to central counterparties. “The changes brought about by Dodd-Frank and Emir have created a pressing need for the industry to identify and implement solutions to manage liquidity and reduce costs,” says Scott Coey, head of broker-dealer services in Europe, Middle East and Africa, BNY Mellon. BNY Mellon has been a cash settlement bank for Nasdaq OMX since 2013. ©2014 funds europe

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