BNY Mellon to become a systematic internaliser

The bank will become an SI under Mifid II, taking on post-trade reporting obligations for clients

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James Taylor: decision to opt into the SI regime will benefit clients

Bank of New York Mellon will opt into the systematic internaliser (SI) regime for foreign exchange products under the second Markets in Financial Instruments Directive (Mifid II), set to take effect on January 3, FX Week has learned.

The decision to opt in means BNY Mellon will take on responsibility for real-time post-trade transparency reporting, giving its clients more time to focus on their core business functions.

“We would take on the obligation of reporting and remove any confusion over

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