Bank of New York Mellon (NYSE: BK ) has received regulatory approval to establish a central securities depository in Europe, the company announced in a press release. The CSD will be headquartered in Belgium, and will consolidate the bank's depository operations on the continent. Although the company already provides such services for Europe-based clients, it does so on an individual basis to various markets.
BNY Mellon named one of its veteran executives, Chris Prior-Willeard, as CEO of the new unit. He was quoted in the release as saying that by opening the CSD, the company was "responding to the current regulatory imperatives around issuance and settlement services".