BNY Mellon Asset Servicing Enhances Reporting Capabilities for Derivatives and Fair Value Requirements

Recent Regulations Look at Risk Exposure, Derivatives, Fair Value

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May 06, 2010, 07:22 ET

NEW YORK, May 6 /PRNewswire-FirstCall/ -- BNY Mellon Asset Servicing, the global leader in securities servicing, has enhanced its Workbench reporting platform to assist institutional clients comply with recent rule changes related to derivatives accounting and disclosure in international markets.

These changes are being driven by updates to Governmental Accounting Standards Board (GASB) Statement No. 53, Accounting and Financial Reporting for Derivative Instruments, and Financial Accounting Standards Board (FASB) Statement No. 161 (Topic 815), Derivatives and Hedging, which have similar requirements for reporting derivative exposure, risk exposure, market value and income related to derivative contracts.

In addition, updates to Financial Accounting Standards Board (FASB) Statement No. 157 (Topic 820), Fair Value Measurement, and FASB Statement No. 132R-1 (Topic 715), Employers' Disclosures about Postretirement Benefit Plan Assets, and International Financial Reporting Standards (IFRS) 7, Financial Instruments: Disclosures, outline similar roadmaps for reporting fair value levels and level turnover within a portfolio.

BNY Mellon Asset Servicing has made the necessary developments to support clients with these regulatory changes for 2010, including transfers in and out of levels one and two in support of fair value reporting and support of IFRS 7 fair value level disclosure. "We continue to invest in our technology platform to assist our clients with the changing regulatory environment." said Dan Wywoda, head of global product management for BNY Mellon Asset Servicing.

The enhancements also help clients view derivative contracts across all of their portfolios and accounts in aggregate or individually. "This goes beyond helping them comply with the new regulations," said Chris Richmond, managing director of global product accounting for BNY Mellon Asset Servicing. "It assists them in day-to-day reporting and accessing information in their accounts about the underlying securities, transparency of reference data from contracts, counterparty exposure, independent market values provided by a variety of vendors, and performance and risk analytics on these derivative types."

BNY Mellon Asset Servicing offers clients worldwide a broad spectrum of specialized asset servicing capabilities, including custody and fund services, securities lending, performance and analytics, and execution services. BNY Mellon Asset Servicing provides services through BNY Mellon and other related companies.

BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). BNY Mellon is a global financial services company focused on helping clients manage and service their financial assets, operating in 34 countries and serving more than 100 markets. BNY Mellon is a leading provider of financial services for institutions, corporations and high-net-worth individuals, providing superior asset management and wealth management, asset servicing, issuer services, clearing services and treasury services through a worldwide client-focused team. It has $22.4 trillion in assets under custody and administration, $1.1 trillion in assets under management, services $11.8 trillion in outstanding debt and processes global payments averaging $1.5 trillion per day. Additional information is available at www.bnymellon.com.

SOURCE BNY Mellon