BNY Mellon, America's oldest bank, has introduced a new platform for foreign exchange (FX) management. This offering addresses the growing need for clients to manage their portfolios while accessing market-leading price transparency efficiently, the company said.

Dubbed Universal FX, the new platform caters to a wide range of market segments, from investment managers to wealth managers, offering a solution to the transition of the industry to T+1 settlement.

Bridging the Gap in Portfolio Management

Jason Vitale, the Head of Global Markets Trading at BNY Mellon, stated: "Clients often have fragmented portfolios, causing friction, lack of transparency and inconsistency while accessing services across pricing, execution, and post-trade."

"With the launch of Universal FX and our existing OneFX product suite, our clients can now control and customize their portfolio in one place, gaining a 360-degree insight and providing a seamless experience across the entire execution Execution Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Read this Term process. This also comes at a unique moment as clients seek streamlined solutions to adjust to the T+1 settlement cycle."

Universal FX provides access to currency execution in both developed and emerging markets, enhancing the FX experience for clients on a global scale. It enables clients to manage their entire portfolio, regardless of where they hold their assets or execute trades.

BNY Mellon's Expanding Reach

Universal FX doesn't operate in isolation. It builds upon the foundation of BNY Mellon's OneFX suite, a set of solutions and banking capabilities encompassing all aspects of FX trading, hedging, and cross-border payment activities.

Founded in 1784, BNY Mellon is America's oldest bank that was the first to be listed on the New York Stock Exchange. As of September 30, 2023, BNY Mellon oversaw $45.7 trillion in assets under custody and administration and managed $1.8 trillion in assets.

Recently, the bank introduced a white labeling service to its LiquidityDirect platform. This service enables financial institutions to access 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 management solutions for their clients. According to a statement released by the bank, the first institution to embrace this offering was Morgan Stanley Investment Management.

Currently, LiquidityDirect facilitates nearly $15 trillion in annual transaction flow for over 6,000 of the world's largest institutional investors, presenting various solutions tailored to address dynamic investment and risk requirements.