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BNY Mellon Asset Servicing Enhances Reporting for Institutional Investors Required to Report Ratings of Counterparties

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BNY Mellon Asset Servicing, the global leader in securities servicing, has enhanced its Workbench platform to help institutional investors comply with new accounting standards that require them to report the industry ratings of their counterparties when over-the-counter (OTC) derivatives are held.

These enhancements were specifically designed to help US Government reporting clients meet the requirements of Governmental Accounting Standards Board (GASB) Statement No. 53, Accounting and Financial Reporting for Derivative Instruments. The Workbench enhancement delivers the ratings from all three major agencies, Moody’s, Standard & Poor’s, and Fitch.

“We have expanded the counterparty exposure reporting for swaps and forwards to assist clients to efficiently determine ratings for their counterparties or any other legal entities or companies related to the counterparty,” said Chris Richmond, managing director of global product accounting for BNY Mellon Asset Servicing. “Consolidating this data enables institutional investors to view their derivatives with greater transparency across accounting, counterparty and rating data and gain a more complete view of their portfolios.”

The new service displays short and long term ratings for counterparties and related entities as well as additional information about the underlying security or index. By combining accounting and analytical information, clients are able to see a consolidated view of their counterparty exposures. The new reporting functionality further extends the scope of BNY Mellon’s Derivatives360, which supports derivatives throughout their lifecycle.

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