The Bank of New York Mellon Corp. has opened the doors on a new division that will manage institutional business in futures and swap derivatives. The new unit will be called BNY Mellon Clearing LLC.
While BNY Mellon Clearing will handle trades in traditional exchange-traded futures, it's expected to focus on institutional OTC derivatives business. This likely is inspired by forthcoming regulations in both the United States and Europe that are expected to require clearing for OTC trades.
The new division will be headed by former head of BNY Mellon's office of innovation, Sanjay Kannambadi.