Data provider AccessFintech and BNY Mellon have joined forces to confront the foreign exchange (FX) workflow challenges posed by the upcoming T+1 settlement regulations in North America.

The shortened settlement cycle may spike fails rates and stress international investors with cross-border settlement misalignments, heightening capital constraints, explains AccessFintech in a press release. For brokers and investors managing FX needs across time zones, executing trades during US market hours leads to after-hours FX requirements in less liquid markets.

BNY Mellon and AccessFintech are collaborating to work with clients on addressing this challenge, providing clarity on securities trades “predicted to settle” status. Clients will be able to instruct BNY Mellon to broker FX transactions based on these “predicted to settle” insights before the US trading day ends, assuring liquidity for international clients trading US securities.

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“Our collaboration with AccessFintech will provide clients the ability to leverage our recently launched Universal FX platform to fund their T+1 settlement activity in an efficient and transparent manner”, says Jason Vitale, head of global markets trading at BNY Mellon.