Updated with correction
Bank of New York Mellon on Tuesday said it was in negotiations to acquire European repurchase trading venue DBV-X.
“BNY Mellon confirms that it is in talks with DBV-X, the electronic peer-to-peer market for secured deposits and collateral transactions,” according to a statement provided by Joseph Ailinger, BNY Mellon spokesman. He would not provide further details.
If completed, the acquisition would move BNY Mellon into the European repo market.
DBV-X this year is expected to open a central collateral exchange for market participants, operating separately from banks.
The venue plans to trade standardized collateral baskets in exchange for cash or other collateral baskets, according to the DBV-X website. It also will manage counterparty risk on collateralized trades.
