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Nov. 14, 2013 /PRNewswire/ -- BNY Mellon, the global leader in investment management and investment services, was recently named 'Collateral Manager of the Year' in
Asia Risk magazine 2013 awards at the Four Seasons Hotel in
Hong Kong. The company received the accolade for helping clients meet localised liquidity requirements and global liquidity needs through its collateral management platforms in
Asia Risk spotlighted BNY Mellon's appointment by a large synthetic exchange traded fund (ETF) in
Hong Kong to serve as independent collateral manager to secure the counter-party exposure inherent in synthetic ETF structures. BNY Mellon is the only tri-party provider of this service in Hong Kong.
Asia Risk judges highlighted the scale of the project and the way the structure was adapted to the requirements of
Hong Kong's Securities and Futures Commission (SFC). The concept of having third party collateral managers for this type of fund is very new in
Hong Kong. The efforts of BNY Mellon to work with the
Hong Kong regulator and help them to understand and agree to the transaction, was highly praised by the end client.
Asia-Pacific head of Global Collateral Services, BNY Mellon, in describing the complexities of this innovative collateral solution, said: "Because of the local regulatory requirements and the need to work with the SFC in order to get specific approval, we had to customise the transaction for
Hong Kong. We worked with the SFC to define and demonstrate how the trustee of the ETF can appoint a third party collateral manager."
Looking ahead to 2014, Falco noted that BNY Mellon will continue to steadily invest in its suite of collateral management capabilities and solutions, designed to help Asian buy-side clients manage the impact of regulatory changes on their investment processes.