BNY Mellon to launch e-market for European asset-backed securities

Printer-friendly versionPDF version

Bank of New York Mellon is setting up an online marketplace for hard-to-value European asset-backed securities, according to Bloomberg. The service, expected to go live in the first quarter, will enable banks, asset managers, hedge funds and dealers to buy and sell asset-backed bonds anonymously, acting as an "eBay of illiquid securities," John Spedding, London-based MD at the bank told Bloomberg.

Called Structured Credit Connect, the Internet market will give buyers 24 hours to post bids for assets the BNY Mellon puts up for sale on behalf of clients, charging a fixed commission for successful trades. The platform will initially handle residential mortgage-backed securities. The European service follows the launch of a similar offering in the US in June and aims to reinvigorate the market for asset-backed securities, which stalled in the wake of the US sub-prime market woes.

BNY Mellon Plans 'EBay' for European Asset-Backed Securities - Bloomberg

Short URL
Asymptotix on Twitter

Are the key legislative pillars such as Basel II & III, UCITS IV and Solvency II forcing you to re-examine how you identify, measure and manage risk and capital?

Asymptotix work closely with our partners to help clients develop a more proactive, systematic and integrated approach to governance and risk management to deliver proper value.

Asymptotix can offer the support you need to deliver on time. Read more...

Is the goal of your website to sell services or products, educate, or collect data?

A positive customer experience is vital to conversion, no matter what your conversion goals may be. Our designers and developers will create a positive experience to maximize your conversions and deliver the optimal return on your investment. We strive to find the perfect balance between the web site’s design and functionality.

Asymptotix implements interactive solutions for European companies. From corporate websites to social communities, our clients will tell you an investment in building a scalable online experience will deliver long-term tangible benefits.

Based in Luxembourg we can help you all over Europe. Our multi-lingual team can work with projects and speak your language! Read more...