BNY Mellon has migrated clients' assets to direct accounts with Italian settlement platform Monte Titoli, using its connection to TARGET2-Securities (T2S).
The deal will enable BNY Mellon to settle transactions in listed securities, such as equities and fixed income, with Monte Titoli. Previously BNY Mellon settled transaction in the Italian market through sub-custodian services.
Monte Titoli is an authorised Central Securities Depositary (CSD) for centralised administration, settlement and ancillary services in the Italian market.
BNY Mellon said it will also provide clients with portfolio servicing activities, including corporate actions, income processing, tax and proxy voting.
Monte Titoli CEO Mauro Dognini said: "We are delighted that BNY Mellon, one of the world's largest investment services companies, has become a participant of Monte Titoli. In doing so, BNY Mellon and its clients will be able to fully benefit from the implementation of T2S using Monte Titoli for the provision of settlement, asset and fiscal services, which will help improve operational efficiency and reduce risk."
Tom Casteleyn, head of product management for custody, cash and FX at BNY Mellon, said: "Our direct accounts with Monte Titoli will enable us to provide clients with deadlines that are closer to market cut-offs, whilst improving our asset servicing capabilities."
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BNY Mellon provides services to clients in over 100 markets and is using its connection to T2S to become direct to all the major markets in the Eurozone. T2S acts as a single securities settlement system for over twenty European markets.