BNY Mellon Corp.has introduced a new service that allows immediate transfer of a client’s cash and loan assets on the decided settlement date. The Loan/SERV Cash on Transfer was developed by the Depository Trust & Clearing Corp. and Markit. The service helps clients in managing risk around cash transfer and lowering both the administration and fee costs associated with multiple transactions. The service, which supports U.S. dollar trades, is likely to expand over the next year to support cash settlement in 50 currencies. The first BNY Mellon client to have settled a trade using this platform is MJX Asset Management, a New York–based specialized asset management company.
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