Senior EVice President & Global Head of Clearance and Collateral Management, Credit Services & Corporate Trust, Bny Mellon
Search every verified Brian Ruane interview, podcast appearance, and on-the-record quote — each transcript cross-checked by AI and human review to confirm speaker identity. Brian Ruane, Senior Executive Vice President and Global Head of Clearance and Collateral Management, Credit Services & Corporate Trust at BNY Mellon, has been discussing the impact of a new Securities and Exchange Commission (SEC) rule mandating central clearing of U.S. Treasuries, which is set for full implementation in 2026. Ruane stated that BNY Mellon has been guiding clients through the rule, which he said would bring three main benefits: a reduction in clearing due to netting, consolidation of clearing in one place to improve default management, and balance sheet advantages for market participants. He noted that BNY Mellon clears in excess of $12 trillion per day in U.S. Treasuries and manages a collateral management platform servicing over $5 trillion in financing transactions. Ruane said the firm is working with market participants and clearing houses to develop a "done away" model that separates clearing and sponsorship for some trades, and that clients moving to triparty collateral arrangements with central counterparties could benefit from more efficient collateral management and optimization. Ruane has also highlighted BNY Mellon's role in the fixed income markets, stating that the company services in excess of $50 trillion of client assets, approximately two-thirds of which is fixed income. He described the new SEC rule as preparing the treasury market to grow, noting that the Congressional Budget Office projects U.S. Treasury outstanding debt could grow to as high as $50 trillion by 2034. In previous appearances, Ruane discussed BNY Mellon's operations in Ireland, where he said the company employs 1,700 people across offices in Dublin, Wexford, Cork, and Navan, and described Ireland as a strong location for the investment funds industry. He also spoke about the hedge fund market, stating that it is "getting larger by the day" and that Ireland would remain a centerpiece of the global financial services environment.
“The new SEC mandatory clearing rule is about preparing the treasury market to grow. It requires members of a covered clearing agency to introduce trades to the Clearing House, which will change how firms access the treasury markets and potentially affect costs due to clearing fees.”
“Between now and 2034, the US Treasury outstanding debt could grow as high as $50 trillion, according to the Congressional Budget Office, highlighting the importance of adapting market infrastructure like clearing to handle this growth.”
“The new SEC rule will bring three main benefits: a reduction in clearing due to netting, consolidation of clearing in one place improving default management, and balance sheet advantages for market participants.”
“BNY Mellon, as the primary provider of clearing and settlement services to the US Treasury Market, is positioned to help clients understand and adapt to the new clearing model and participate in the market's development.”
“We are actively working with market participants and clearing houses to develop a 'done away' model that separates clearing and sponsorship for some trades, which could offer new solutions and efficiencies for clients.”
“BNY Mellon clears in excess of $12 trillion per day in US Treasuries and manages collateral services for clients worldwide with over $5 trillion in financing transactions, including US Treasuries, European fixed income, and high-quality equities.”
“Clients moving collateral posting to central counterparties (CCPs) from bilateral to triparty arrangements can benefit from more efficient collateral management and enhanced optimization across collateral types and obligations.”
“The Bank of New York Mellon and BMCC have had a relationship both through senior connectivity and people in our organization that sit on the board and the board of the foundation but also through graduates who've joined us.”
“We're also neighbors — we actually are literally right across the street and really feel fondly about both the relationship between the company and BMCC and the students that have worked with us.”
“We've got flood insurance with the federal flood plan and that should work well; it really has a lot of limitations. Federal flood is actual cash value, it doesn't pay time element of this interruption.”
“They're remapping a lot of areas so what was not considered a flood zone is going into a flood zone, and a lot of people have policies that have restrictions on flood locations as opposed to non-high hazard flood locations.”
“The fact of the matter is recognize that flood insurance is limited; it's not as broad as you might think unless you're very familiar with it. It has to be integrated very nicely and well with the standard property policy.”
“Some locations that would not be in a federal flood zone are now in a federal flood zone which means higher deductibles and lower limits.”
“BNY Mellon is a very old established US-based institution. In fact, it's the oldest financial institution in the United States and today is viewed not just domestically but internationally as amongst the strongest financial institutions in the world.”
“It's the last remaining AAA truly AAA rated bank in the United States.”
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