On November 29th, BNY Mellon purchased the agency securities finance software and associated intellectual property of Trading Apps, the UK-based provider of market-leading front-end software.
The transaction will deliver substantial benefits to BNY Mellon’s agency securities lending business and to our clients, including enhanced price discovery and superior reporting and analytics through the seamless integration of securities finance market data and automated algorithmic execution.
The purchase is the next step in BNY Mellon’s longstanding relationship with Trading Apps. Since we started working together in 2012, BNY Mellon has grown to become one of the largest securities lending agents in the world, with more than 150 approved borrowers in our lending program and an inventory of approximately $3.7 trillion in lendable assets.
Going forward, our teams will collaborate even more closely as we embed the Trading Apps technology at the very center of our plans to further expand the scale and sophistication of our securities lending program.
“This acquisition represents a compelling strategic opportunity for BNY Mellon. The combination of Trading Apps’ world-class technology and specialists with our unrivaled agency lending franchise will deliver our clients unprecedented speed, automation and trading efficiencies in this highly competitive marketplace,” said James Slater, global head of Securities Finance and Collateral Management at BNY Mellon.
“Having worked extremely closely with BNY Mellon for the past six years, we are very excited to become a part of one of the world’s preeminent lending agents. We can’t wait to further integrate our technology into the program and begin working with the firm’s incredible client franchise,” said Matthew Harrison, CEO of Trading Apps.
Trading Apps will continue to operate as an independent entity, primarily servicing the securities finance community beyond agent lenders, including broker-dealers and borrowers.
Matthew Harrison, Chief Architect Jeff Lloyd, and eight other Trading Apps staff members will be joining BNY Mellon, all of whom will be based in the UK.