NEW YORK, Jan. 26 /PRNewswire-FirstCall/ -- BNY Mellon Capital Markets today announced that it has achieved no. 1 ranking among broker-dealers providing placements as part of Promontory Interfinancial Network's Certificate of Deposit Account Registry Service® (CDARS®). The ranking is based on Promontory placement totals for 2009. BNY Mellon's CDARS placements last year totaled more than $10 billion.
CDARS placements allow investors to make large deposits in CDs via a single relationship at one CDARS Network member bank. The single large deposit is then broken into smaller amounts and placed with other network banks. The investor earns one rate of return (per maturity), and receives one regular account statement listing CDs in the account, issuing banks, maturity dates, interest earned, and other detailed information. Because the CDs are purchased from network banks in amounts below the FDIC insurance limit, the entire investment is eligible for FDIC protection.
An important area of focus for BNY Mellon Capital Markets is providing investment solutions for CFOs, treasurers, and other managers of large organizational and institutional cash positions. The securities associated with these solutions — ranging from Treasuries, agencies, commercial paper, FDIC-insured and mortgage pass-throughs to municipal and corporate securities — are matched to the capital preservation, liquidity and yield priorities of clients. "CDs are an important part of capital preservation strategies, and as our success with CDARS placements and brokered CDs indicates, we bring strong levels of support to CDs as an asset class," said Gary Strumeyer, president of BNY Mellon Capital Markets.
Promontory Interfinancial Network provides financial institutions with access to a network of member institutions that helps individual members compete more efficiently. The network includes more than 3,000 members nationwide. CDARS enables participating members to purchase wholesale funds, attract new deposits, strengthen customer relationships, and reduce collateralization costs. More information is available at www.promnetwork.com.
A full-service securities broker-dealer subsidiary of BNY Mellon specializing in underwriting and sales and trading services, BNY Mellon Capital Markets, LLC (member FINRA, SIPC) is the partner of choice for institutional and high-net-worth investors seeking efficient execution, industry expertise with timely and relevant market commentary, and a collaborative relationship. Providing services tailored to large public and private corporations and various governmental and not-for-profit entities, BNY Mellon Capital Markets has been in operation for 25 years and serves more than 5,000 clients from offices in New York, New Jersey and Pennsylvania.
BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation. BNY Mellon is a global financial services company focused on helping clients manage and service their financial assets, operating in 34 countries and serving more than 100 markets. BNY Mellon is a leading provider of financial services for institutions, corporations and high-net-worth individuals, providing superior asset management and wealth management, asset servicing, issuer services, clearing services and treasury services through a worldwide client-focused team. It has $22.3 trillion in assets under custody and administration, $1.1 trillion in assets under management, services $12.0 trillion in outstanding debt and processes global payments averaging $1.6 trillion per day. Additional information is available at www.bnymellon.com.
SOURCE The Bank of New York Mellon Corporation