BNY Mellon has launched Universal FX, a foreign exchange platform that allows customers to manage their entire portfolio regardless of where they custody, prime broker or settle trades.

The US financial services firm said the technology supports clients across all market segments including investment managers, hedge funds and corporates.

Through Universal FX, users will be able to navigate the industry transition to T+1 settlement, the company said.

BNY Mellon added that the platform provides access to developed market and emerging market currency execution, which it said enhances the FX experience for clients globally.

Universal FX builds on the company’s OneFX range of technology for foreign exchange trading, hedging and cross-border payment activities.

"Clients often have fragmented portfolios, causing friction, lack of transparency and inconsistency while accessing services across pricing, execution and post-trade," said Jason Vitale, head of global markets trading at BNY Mellon. "With the launch of Universal FX and our existing OneFX product suite, our clients can now control and customise their portfolio in one place – gaining 360-degree insight, providing a seamless experience across the entire execution process.

“This also comes at a unique moment as clients seek streamlined solutions to adjust to the T+1 settlement cycle."

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