Universal FX from BNY Mellon also gives clients market leading price transparency.

It supports clients across all market segments, such as investment managers, corporates, hedge funds, and wealth managers.

In addition, it helps with navigating the industry transition to T+1 settlement.

Furthermore, Universal FX allows BNY Mellon clients to manage their whole portfolio, irrespective of where they custody, prime broker or settle trades. The solution also provides access to developed market and emerging market currency execution, enhancing the FX journey for clients globally.

The offering builds on BNY Mellon’s OneFX suite of innovative solutions and banking capabilities for all FX trading, FX hedging and cross-border payment activities.

“Clients often have fragmented portfolios, causing friction, lack of transparency and inconsistency while accessing services across pricing, execution and post-trade,” said Jason Vitale, head of global markets trading, BNY Mellon.

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“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 360-degree insight, providing a seamless experience across the entire execution process. This also comes at a unique moment as clients seek streamlined solutions to adjust to the T+1 settlement cycle.”

In October 2023, BNY Mellon’s Pershing X announced that Integrity Marketing Group, an insurance and financial services firm, has selected the company’s Wove wealth management platform.

Integrity gains access to solutions from across the BNY Mellon enterprise, enabling it to provide financial professionals with the latest technology and investment tools to aid clients.

Furthermore, the Wove platform will give Integrity advisers access to in-depth third-party models, as well as mutual fund and exchange traded-fund models created by BNY Mellon’s investment management business. The models, designed to optimise wealth accumulation, retirement income portfolios and capital preservations, will be stored on the Wove platform.

Wove was launched in June by Pershing X and integrates adviser tools when working with clients into a single, data-driven platform.

In addition, Pershing will provide a full set of broker-dealer clearing and custody solutions.