The new mandate extends BNY Mellon’s existing relationship as Nasdaq OMX’s cash settlement bank which it has been since 2013.
"BNY Mellon demonstrated to us that it has the market position and experience in the US treasury market required to provide effective clearing and custody support. The company has proven its commitment to providing excellent service to us and our clients,” said Johan Rudén, head of global post-trade at Nasdaq OMX.
Both Emir and the Dodd-Frank legislation in the US stipulates that over-the-counter (OTC) derivatives trades must pass through central counterparties (CCPs).
"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,” said Scott Coey, head of broker-dealer services Emea at BNY Mellon.
Bahrain Bourse recently went live with Nasdaq OMX's X-stream trading platform, read about it here: http://bit.ly/1nyakfI