BNY Mellon Clearing, LLC Becomes Clearing Member of IDCG's Clearinghouse

NEW YORK, July 7 /PRNewswire-FirstCall/ -- BNY Mellon, the global leader in asset management and securities servicing, and The International Derivatives Clearing Group, LLC (IDCG) announced today that BNY Mellon Clearing, LLC will become a clearing member of the International Derivatives Clearinghouse LLC (IDCH), a derivatives clearing organization regulated by the U.S. Commodity Futures Trading Commission (CFTC).

With this membership, BNY Mellon Clearing, LLC will be able to offer its clients central counterparty clearing of interest rate derivatives, which are an important financial risk management tool for corporations, investors, and municipalities worldwide.

BNY Mellon clients and their market makers will be able to continue to execute interest rate derivatives in the well-established OTC market. With this new membership, clients will also be able to benefit from counterparty credit risk mitigation, special bankruptcy provisions related to margining, and transparent portfolio valuation offered by IDCG through its clearinghouse.

"With the rapid changes occurring in the clearing and settlement process for derivatives, our clients want a capable, stable partner that has membership in clearing organizations like IDCG to support their growing and evolving trading needs," said Sanjay Kannambadi, CEO of BNY Mellon Clearing, LLC.

Garry N. O'Connor, CEO of IDCG said, "IDCG is pleased to welcome BNY Mellon Clearing onto our platform. The ascension of clearing members from the banking community is an important step forward for IDCG, and demonstrates the market's broader movement towards our clearing solution."

IDCG is an independently operated, majority owned subsidiary of The NASDAQ OMX Group. Inc. (NDAQ).  

About BNY Mellon

BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). 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 $22.4 trillion in assets under custody and administration, $1.1 trillion in assets under management, services $11.8 trillion in outstanding debt and processes global payments averaging $1.5 trillion per day. Additional information is available at www.bnymellon.com.

About the International Derivatives Clearing Group

The International Derivatives Clearing Group (IDCG) is an independently operated, majority owned subsidiary of The NASDAQ OMX Group, Inc. IDCG brings a centrally cleared solution to the largest segment of the OTC derivatives marketplace, specifically interest rate derivatives. It does this through the operation of International Derivatives Clearinghouse (IDCH), a CFTC regulated derivatives clearing organization that currently acts as a central counterparty to interest rate swap futures contracts and expects to do so for other similar interest rate and currency derivatives in the future. IDCH, in conjunction with Razor Risk Technologies, utilizes NASDAQ OMX Click XT matching and NASDAQ OMX SECUR clearing technology to provide an efficient and transparent forum to clear and settle derivative products. For more information about IDCG and IDCH, visit www.idcg.com

BNY Mellon Clearing LLC , a US registered futures commission merchant and a member of the National Futures Association, is a wholly owned, non-bank subsidiary of The Bank of New York Mellon Corporation.  BNY Mellon holds a minority interest in IDCG.

SOURCE BNY Mellon