Fed raising bar for BNY Mellon – Powell
Fed working with treasury to ensure “smooth transition” as BNY Mellon becomes sole provider of government securities
The US Federal Reserve has raised its expectations "even higher" for US bank BNY Mellon as it transitions towards becoming the sole government securities settlement and tri-party repurchase agreement market participant, a governor of the central bank has said.
Speaking in New York on October 24, Jerome Powell noted the bank had "anticipated and welcomed" the higher bar. Over the next two years, BNY Mellon will become the sole trader in government securities, as JP Morgan Chase exits the market.
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