The leading knowledge platform for the financial technology industry
The leading knowledge platform for the financial technology industry

A-Team Insight Blogs

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

Share article

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.

Related content

WEBINAR

Upcoming Webinar: Entity identification and client lifecycle management – How financial institutions can drive $4 billion in cost savings

Date: 21 January 2021 Time: 10:00am ET / 3:00pm London / 4:00pm CET Duration: 50 minutes A new model in Legal Entity Identifier (LEI) issuance has created significant opportunities for financial institutions to capitalise on their KYC and AML due diligence. By becoming Validation Agents and obtaining LEIs on behalf of their clients, financial institutions...

BLOG

Mphasis Partners with iMeta on AI-Driven KYC Model

Cloud and cognitive specialist Mphasis has launched a brand new strategic partnership with the UK’s iMeta Technologies, a provider of onboarding, client lifecycle and master data management software and services, to deliver a next generation onboarding model for the UK and Europe that aims to disrupt the traditional KYC market through the use of AI....

EVENT

TradingTech Summit London

The TradingTech Summit in London brings together European senior-level decision makers in trading technology, electronic execution and trading architecture to discuss how firms can use high performance technologies to optimise trading in the new regulatory environment.

GUIDE

Regulatory Data Handbook – Second Edition

Need to know all the essentials about the regulations impacting data management? A-Team’s Regulatory Data Handbook is a great way to see at-a-glance: All the regulations that are impacting data management today A description of each regulation The impact each will have from a data and data management perspective Messages from sponsors with products related to...