Bank of New York Mellon Launches New Trade Settlement Platform

According to the firm, the platform addresses the challenges of administering the variety of regulated and unregulated standards of environmental credits recorded on different registries.   The announcement says that they are typically managed separately through various systems and spreadsheets which can make reporting and tracking complex and time-consuming.   GEM brings registries, units and standards into one place allowing clients a single entry point to manage all credits in their portfolio, according to Bank of New York Mellon.

The Bank of New York Mellon’s GEM platform provides a reporting system that acts as a client’s books and records and generates detailed account statements, as well as simplifying the reconciliation process by accommodating segregated accounts and producing customized reports with user-defined start and end dates.

Combined with The Bank of New York Mellon’s global cash clearing infrastructure, GEM also supports settlement of credit trades against payments simultaneously, which the firm says helps lower operational risks and increase efficiency.

Scott Posner, chief executive officer of The Bank of New York Mellon’s Global Corporate Trust business, commented, “GEM provides a robust and secure infrastructure for this rapidly growing area and a portal to our systems and facilities that link to the world’s financial markets. These systems are in turn supported by our global technology capabilities and capacity, in readiness for the anticipated growth in these markets.”

Through its Global Corporate Trust business, The Bank of New York Mellon offers a global custody service to facilitate trading of carbon credits. The company provides custody services for VCS v1 credits and escrow services for Regulated Carbon Credits. 

The Bank of New York Mellon’s corporate trust business services more than $11 trillion in outstanding debt from 57 locations around the world.

Additional information is available at www.bnymellon.com .