BNY Mellon's new firm to create 50 jobs
Fifty jobs are to be created by US financial institution BNY Mellon as it establishes a new firm in Dublin that will clear futures and derivatives trades undertaken by its clients in Europe, the Middle East and Africa.
Positions at the new company, which is called BNY Mellon Clearing International, will be filled over the next two years and will include roles in finance, risk management, legal, sales, technology and compliance. BNY Mellon already employs more than 1,800 people in Ireland at locations in the capital, Wexford, Cork and Navan.
BNY Mellon said it intends for its new Dublin-based venture to become a clearing member on major exchanges and central clearing houses globally in order to support its clients' trading activities. The company plans to clear listed futures and option trades on behalf of institutional clients.
Joe Duffy, country executive for BNY Mellon in Ireland, said the opening of the new operation would significantly strengthen BNY' Mellon's client offering and would place Ireland at the forefront of the derivatives marketplace.
Tim Murphy will serve as head of BNY Mellon Clearing International for Europe, Middle East and Africa. He will report to Sanjay Kannambadi, chief executive and global head of BNY Mellon Clearing, who is based in the company's New York headquarters.
"Given the significant regulatory and competitive shifts in the market following the financial crisis, the formation of BNY Mellon Clearing International was strategically timed to meet the emerging and growing needs of our clients," said Mr Kannambadi.
The new clearing house will be the first in Ireland that is authorised by the Markets in Financial Instruments Regulation, which is based on a directive initially adopted by the European Union in 2004. The regulations aimed to increase harmonisation of financial services in the EU.