US-based BNY Mellon has announced the launch of Universal FX, a foreign exchange (FX) platform that looks to help clients manage and centralise their portfolios. Universal FX seeks to meet client needs to manage execution across their entire portfolio and access advanced price transparency, supporting clients across all market segments of the likes of investment managers, corporates, hedge funds and wealth managers, while simultaneously helping them navigate the industry transition to T+1 settlement.

Investment management what the BNY Mellon’s Universal FX launch entails Based on the information detailed in the announcement, currently, the investment management industry oftentimes manages portfolios across several providers, which results in an inconsistent FX execution experience. By leveraging Universal FX, clients are enabled to manage their whole portfolio, irrespective of where they have custody, prime broker, or settle trades. The solution also offers access to Developed Market and Emerging Market currency execution, upgrading the FX experience for clients worldwide.

What is more, the new offering builds on BNY Mellon’s OneFX suite of advanced solutions and banking capabilities for all FX trading, FX hedging, and cross-border payment activities. The press release further highlights that OneFX is designed to connect the entire FX spectrum in a simplified manner, helping ensure that clients around the world are provided with access to the most up-to-date features and functionalities from BNY Mellon as they become available. When commenting on the launch, BNY Mellon representatives advised that clients oftentimes have fragmented portfolios, which causes friction, lack of transparency, and inconsistency when accessing services across pricing, execution, and post-trade.

Within this context, the introduction of Universal FX and the enterprise’s existing OneFX product suite is believed to enable its clients to control and customise their portfolios in a single place, gaining 360-degree insight and providing a simplified experience across the entire execution process. More to this point, the spokesperson added that the announcement comes at a ‘unique moment’ as clients are on the lookout for streamlined transactions to adjust to the T+1 settlement cycle. Additional details on Universal FX and OneFX portfolio solutions at BNY Mellon can be found here.

BNY Mellon’s strategy and recent developments An American bank established in 1784, BNY Mellon currently powers capital markets around the world through extensive solutions that help clients manage and service their financial assets throughout the investment lifecycle. As of September 2023, BNY Mellon has USD 45.7 trillion in assets under custody and/or administration and USD 1.8 trillion in assets under management. As part of its recent developments, it announced in September that it selected Eurex Clearing as its clearing house for repo trades in Europe and partnered with Trustly to launch an Open Banking service, namely Bankify.

.