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BNY Mellon forms subsidiary focused on tri-party repo markets

Bank of New York Mellon Corp. is forming a subsidiary to expand its U.S. tri-party repo and government securities clearance businesses.

The new company, BNY Mellon Government Securities Services Corp., will be led by Brian Ruane as CEO and Andrea Pfenning as president and COO.

Ruane, BNY Mellon's CEO of broker/dealer services, has been a member of a task force on tri-party repo infrastructure reform, a working group that began publishing tri-party repo market data in May 2010.

BNY Mellon Government Securities Services also named three independent directors to its board, including Richard Ketchum, former chairman and CEO of the Financial Industry Regulatory Authority. Ketchum will be joined by Elizabeth Robinson, a former global treasurer of Goldman Sachs, and David Weisbrod, a former member of the New York Fed's Payments Risk Committee.

BNY Mellon Government Securities Services also appointed BNY Mellon Chief Risk Officer James Wiener, BNY Mellon Markets President Michelle Neal, Ruane and Pfenning to its board.