About Brian Ruane
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.
Source: AI-verified profile updated from Brian Ruane's recent appearances.
Browse all interviews →
Transcript (1 segments)
B
Brian Ruane0:10
BNY Mellon is a very old established US-based institution. In fact, it's the oldest financial institution in the United States. Interestingly enough, it is today viewed not just domestically but internationally as amongst the strongest financial institutions in the world. It's the last remaining truly AAA rated bank in the United States. In 1994, Ireland was beginning to emerge as a center for the domicile of offshore funds. But since then, both we and the center itself have grown significantly, to the point today where it was just recently announced we are the largest administrator of funds in Ireland of offshore funds in Ireland. We have the asset servicing business where we service some of the largest pension funds and insurance companies and sovereign wealth funds. We have the alternative investment services business which I've got responsibility for globally, where we service many of the largest European and US hedge fund managers. And then we also have our trust business, our corporate trust business here, where much of what we do in MIA, the operations for it are here. And then we have two regulated entities. We have most recently been granted a banking license in 2009. And so those activities are here. And we also have in 2004 we were granted a securities license for Pershing, which is our brokerage business, our European brokerage business. And so all of those four business lines, which are all global business lines, are represented here. In total, the number of employees we have here is slightly over 1,700. So a sizable number of employees both for Ireland and also a sizable number of employees in the company. The company's a little bit less than 50,000 employees, of which 1,700 reside here. We have a number of offices. We've got offices here in Dublin as well as Wexford and Cork and Navan. So we've got good regional presence. Certainly, I think the core graduates that we've hired have been business and accounting graduates and technology graduates. And throughout the years we've been here and to today, we found the pool of skilled labor here to be exceptional. So we and our clients are very impressed with the operations that we've been able to build here. It's been a positive place to locate business and it's been a positive place for us to do business with clients in Ireland because in addition to doing business here and having employees here, we do business with many of the larger companies in Ireland as well. So yes, we found it a positive location and it's a place that we've been in a number of years and we're certainly committed to.
