BNY Mellon, CIBC Mellon Merge Securities Lending Desks

BNY Mellon and CIBC Mellon, the bank’s joint venture with Canadian Imperial Bank of Commerce, have merged the firms’ respective securities lending desks.

Under the new arrangement, the merged securities lending team hopes to bring BNY Mellon’s global markets perspective to CIBC Mellon clients. In turn, CIBC Mellon’s experience in the Canadian markets will be made available to BNY Mellon clients, bringing the potential for improved returns on Canadian securities.

Additionally, a full suite of Workbench daily client reporting tools is now available to CIBC Mellon clients.

Effective immediately, the desk integration is aimed at expanding global trading service levels and enhancing coverage for the banks’ securities finance business clients. The merged securities lending desk staff works out of New York, Pittsburgh, Toronto, London and Hong Kong.

Rob Ferguson, senior vice president of capital markets for CIBC Mellon, said the alignment of the banks’ trading desk teams comes after years of close collaboration and coordination. 

As part of BNY Mellon’s global collateral services division, the securities finance business encompasses more than $2.5 trillion in lendable assets and outstanding loan balances of approximately $250 billion. CIBC Mellon’s securities lending program manages about $485 billion in lendable assets with just over $58 billion on loan.