NEW YORK, March 8, 2013 /PRNewswire/ -- BNY Mellon, the global leader in investment management and investment services, has been awarded three patents for key processes that enable electronic trading of commodities such as gold through exchange-traded funds (ETFs). Commodities covered by the patents also include silver and other precious metals as well as base and industrial metals.
"These patents recognize that BNY Mellon has created an innovative process that transforms a metal and other commodities that typically are cumbersome into easily traded securities," said Joseph Keenan, head of Global ETF Services for BNY Mellon. "This formal affirmation of our intellectual property cements our ability to act as a catalyst to drive the continuous innovation that defines the ETF industry."
"It's gratifying to see the spectacular growth of commodity ETF assets since we launched this unique process in 2003," said Jonathan Spirgel, co-inventor of the processes and executive vice president for BNY Mellon. "It demonstrates the importance of these patents and the innovative impact BNY Mellon has on the marketplace."
In addition to creating the commodities ETF business, which today consists of nearly $100 billion in commodity assets administered, BNY Mellon also serves as custodian, record keeper or administrator for approximately half of all U.S. listed ETFs across a broad range of asset classes.
Notes to Editors:
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BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment management and investment services in 36 countries and more than 100 markets. As of December 31, 2012, BNY Mellon had $26.2 trillion in assets under custody and/or administration, and $1.4 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on www.bnymellon.com, or follow us on Twitter @BNYMellon.
SOURCE BNY Mellon