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Connection will provide deadlines closer to market cut-offs and reduce risk 

BNY Mellon has migrated clients’ assets to direct accounts with Monte Titoli using its connection to TARGET2-Securities (T2S). As a Directly Connected Participant (DCP) to T2S, BNY Mellon will settle transactions in listed securities, such as equities and fixed income with Monte Titoli.

BNY Mellon, a global leader in investment management and investment services, will also provide clients with portfolio servicing activities, including corporate actions, income processing, tax and proxy voting. Previously BNY Mellon settled transaction in the Italian market through sub-custodian services.

Monte Titoli is the authorised Central Securities Depositary (CSD) for centralised administration, settlement and ancillary services in the Italian market.

“We are delighted that BNY Mellon, one of the world’s largest investment services companies, has become a participant of Monte Titoli,” said Mauro Dognini, Chief Executive of Monte Titoli. “In doing so, BNY Mellon and its clients will be able to fully benefit from the implementation of T2S using Monte Titoli for the provision of settlement, asset and fiscal services, which will help improve operational efficiency and reduce risk. This achievement represents a key step in Monte Titoli’s strategy to expand its service offering and client base and confirms its capability to support international clients.”

“Our connection to T2S will help us streamline back-office operations and reduce risk by offering our clients direct access to central bank money,” said Tom Casteleyn, Head of Product Management for Custody, Cash and FX at BNY Mellon. “Our direct accounts with Monte Titoli will enable us to provide clients with deadlines that are closer to market cut-offs, whilst improving our asset servicing capabilities.”

BNY Mellon provides services to clients inover 100 markets and is using its connection to T2S to become direct to all the major markets in the Eurozone. It is direct in Germany and the Netherlands, in addition to direct CSD connections already in existence in other markets such as the Depository Trust & Clearing Corporation (DTCC) and Fedwire in the U.S. and CREST in the U.K.

T2S acts as a single securities settlement system for over twenty European markets. One of its key objectives is to standardise and harmonise securities settlement across Europe, opening up opportunities for the consolidation of custody relationships.