BNY Mellon Continues Hiring Spree in FX Prime Brokerage Business

BNY Mellon ‏has named a new head of its FX prime brokerage business which serves a client segment that includes ‎banks, hedge funds, and other buy-side institutions in the $5tn a day global currency market.

The Wall Street bank said that Matthew Berson, who held senior roles within the clearing space, has been appointed as head of FX prime brokerage for North America. He joins from FXSpotStream LLC, the aggregator service of LiquidityMatch LLC, where he held the position of Senior Vice President, Product and Operations.

BNY Mellon’s FXPB product has been originally spearheaded by Jason Vitale, Deutsche Bank’s former co-head of clearing and FX prime brokerage, who joined BNY Mellon in May.

BNY Mellon has attracted several brokerage staffers from Deutsche Bank in the last two years as the bank ventures into the space by offering a ‎product that leverages its existing pool of Liquidity Liquidity The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent Read this Term, collateral and funding ‎capabilities and opens it up to institutional businesses.‎

The increase in banking Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term, which mandates increased minimum ‎levels of capital and increases in reporting expenses, has resulted in a lot of ‎banks leaving the prime broking space‏.‏ ‎ ‎

The new service is expected to cater to clients who do not have ‎an FX prime broker, or that need additional credit lines to access either ‎liquidity or execution services. The exit of legacy players in the prime ‎brokerage space will allow new offerings, such as BNY Mellon’s product, to rapidly ‎gain customers and fill the void. ‏

FXPB is just one of a number of new services BNY Mellon Markets is introducing ‎that will enable its clients to more efficiently access global currency markets, says ‎Michael Cooper, head of FXPB at BNY Mellon in London. ‎