BNY Mellon and CIBC Mellon merging securities lending

BNY Mellon and CIBC Mellon, its joint venture with CIBC, are merging their securities lending desks today.

The move establishes BNY Mellon’s securities finance business as one of the largest providers of securities lending services in the world, with trading offices in New York, Pittsburgh, Toronto, London and Hong Kong, say the firms.

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Part of BNY Mellon’s Global Collateral Services division, the securities finance business encompasses more than US$2.5 trillion in lendable assets and outstanding loan balances of approximately US$250 billion. CIBC Mellon’s program represents more than 120 clients with approximately CAD$500 billion in lendable assets and CAD$60 billion on loan, making it the largest such securities lending program in Canada, say the companies.

BNY Mellon’s global markets expertise will be available to CIBC Mellon clients providing new opportunities for incremental revenue in markets around the world.

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CIBC Mellon’s expertise in the Canadian market will be available to BNY Mellon clients, providing the potential for improved returns on Canadian securities; and a full suite of daily client reporting with multiple delivery options now available to CIBC Mellon clients will provide reporting integration with the Workbench client information delivery platform.

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Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.