Aniko DeLaney talks with Brian Ruane, 2022 BMCC Gala Honoree
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.