BNY Mellon purchases securities finance software of Trading Apps
12 December 2018 London
Image: Shutterstock
BNY Mellon has purchased the agency securities finance software and associated intellectual property of Trading Apps.
According to BNY Mellon, the transaction will deliver benefits to its agency securities lending business and its clients.
These benefits will include enhanced price discovery and reporting and analytics through the integration of securities finance market data and automated algorithmic execution.
Trading Apps will continue to operate as an independent entity, primarily servicing the securities finance community beyond agent lenders, including broker-dealers and borrowers.
Matthew Harrison and Jeff Lloyd and eight other Trading Apps staff members will be joining BNY Mellon, all of whom will be based in the UK.
Laura Allen has taken over from Harrison as CEO of Trading Apps. Harrison will now serve as a non-executive director of Trading Apps.
James Slater, global head of securities finance and collateral management at BNY Mellon, said: 鈥淭his acquisition represents a compelling strategic opportunity for BNY Mellon.鈥�
He added: 鈥淭he combination of Trading Apps鈥� world-class technology and specialists with our unrivalled agency lending franchise will deliver our clients unprecedented speed, automation and trading efficiencies in this highly competitive marketplace.鈥�
Matthew Harrison, CEO of Trading Apps, commented: 鈥淗aving worked extremely closely with BNY Mellon for the past six years, we are very excited to become a part of one of the world鈥檚 preeminent lending agents. We can鈥檛 wait to further integrate our technology into the programme and begin working with the firm鈥檚 incredible client franchise.鈥�
According to BNY Mellon, the transaction will deliver benefits to its agency securities lending business and its clients.
These benefits will include enhanced price discovery and reporting and analytics through the integration of securities finance market data and automated algorithmic execution.
Trading Apps will continue to operate as an independent entity, primarily servicing the securities finance community beyond agent lenders, including broker-dealers and borrowers.
Matthew Harrison and Jeff Lloyd and eight other Trading Apps staff members will be joining BNY Mellon, all of whom will be based in the UK.
Laura Allen has taken over from Harrison as CEO of Trading Apps. Harrison will now serve as a non-executive director of Trading Apps.
James Slater, global head of securities finance and collateral management at BNY Mellon, said: 鈥淭his acquisition represents a compelling strategic opportunity for BNY Mellon.鈥�
He added: 鈥淭he combination of Trading Apps鈥� world-class technology and specialists with our unrivalled agency lending franchise will deliver our clients unprecedented speed, automation and trading efficiencies in this highly competitive marketplace.鈥�
Matthew Harrison, CEO of Trading Apps, commented: 鈥淗aving worked extremely closely with BNY Mellon for the past six years, we are very excited to become a part of one of the world鈥檚 preeminent lending agents. We can鈥檛 wait to further integrate our technology into the programme and begin working with the firm鈥檚 incredible client franchise.鈥�
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