Bank of New York Mellon has received regulatory approval to establish a central securities depository in Europe, the company announced in a press release. The CSD will be headquartered in Belgium, and will consolidate the bank's depository operations on the continent. Although the company already provides such services for Europe-based clients, it does so on an individual basis to various markets.
BNY Mellon named one of its veteran executives, Chris Prior-Willeard, as CEO of the new unit. He was quoted in the release as saying that by opening the CSD, the company was "responding to the current regulatory imperatives around issuance and settlement services".
The article BNY Mellon Gets OK to Launch European Securities Depository originally appeared on Fool.com.
Eric Volkman has no position in Bank of New York Mellon. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.