BNY Mellon Launches FX Options To Enhance Global Offerings

The Bank of New York (BNY) Mellon has decided to improve its forex offerings by adding FX options to their current product. With the new addition, BNY traders will be able to have a better handle on the market, have the option to hedge and a chance to prepare their
projections based on the direction of the forex market.

This is the latest round of changes from BNY that further enhance the options available to the bank’s clients. FX options will now give BNY Mellon clients the opportunity to work with global currency markets and also help the bank expand its global customer base.

FX options will allow traders to better manage the risks of the market. Forex is notoriously volatile and it can be easy to lose a lot of money if the trader is not careful. With FX options, traders have a safety net and a way to fine tune their trades.

BNY Mellon

BNY Mellon has focused in the last couple of years to making major changes to its FX Market portfolio. While there have been IT improvements, most of these changes have been on the human resources front as the bank has brought in experienced talent to help spearhead its forex initiatives. The bank hired James Taylor as head of FX Electronic Markets Sales in 2017. Taylor has been in the industry for 20 years and brings experience from other top banks such as JP Morgan and Barclay’s.

Top Executives Spearheading FX Initiatives

BNY Mellon broke into the market by launching its prime brokerage service earlier this year. The move surprised a lot of its competitors as most banks have moved out of prime broking. This BNY Melon service allows customers to trade and margin forex trades via a counterparty who look after more than $30 trillion of assets.

Adam Vos and Sam Osterman were both hired in early 2018 and they have been instrumental in shaking things up. Vos is now Global Head of FX, while Osterman is heading up this new FX options business.

In a statement, Vos said

Options is a must-have as we transition into a full-service FX franchise that can meet all of our clients’ end-to-end trading, hedging, payments and administrative requirements. We have further enhancements to come later in 2018 as we continue to retool our FX capabilities to better equip clients for the challenges of today’s currency markets

---