Latest news with #BankofNewYorkMellon
Yahoo
3 days ago
- Business
- Yahoo
The Bank of New York Mellon Corporation (BK)'s CEO Is Very Tech Proficient, Says Jim Cramer
We recently published . The Bank of New York Mellon Corporation (NYSE:BK) is one of the stocks Jim Cramer recently discussed. The Bank of New York Mellon Corporation (NYSE:BK) is one of the largest custodial banks in America. Its shares have gained 28.6% year-to-date and have recovered all losses since President Trump's Liberation Day tariff announcement. The Bank of New York Mellon Corporation (NYSE:BK) created quite a bit of a splash earlier this month when it became one of the first big banks to dip its toes in the hot stablecoin market. The bank announced that it would have custody of Ripple's US Dollar-pegged stablecoin to create a foothold for itself in the digital asset market. Cramer commented on The Bank of New York Mellon Corporation (NYSE:BK)'s partnership with Goldman Sachs to offer tokenized money market funds: 'And by the way that's Robin Vince, that's one of the most technologically proficient bankers. And he used to work at Goldman. At BNY. And they're doing a fantastic job. I like him very much.' Pixabay/Public domain Earlier, the CNBC TV host had commented on The Bank of New York Mellon Corporation (NYSE:BK)'s earnings: 'This morning, everybody was focused on the numbers from the big banks, JPMorgan, Wells Fargo, and Citigroup, but they were also watching the report from BNY, and that's the old Bank of New York Mellon. This is one of the top custodial banks in America. And this morning, BNY reported another strong quarter with easy top and bottom line beats, not to mention a stunning nearly 28% return on something called tangible common equity. That's one of the best results I've ever seen from a bank. BNY even raised its full-year net interest income forecast with the quarter. Very few did that.' While we acknowledge the potential of BK as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the . READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now. Disclosure: None. This article is originally published at Insider Monkey. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
4 days ago
- Business
- Bloomberg
Money Funds Take Major Leap in Tokenization Deal, JPMorgan Says
The partnership between Goldman Sachs Group Inc. and the Bank of New York Mellon Corp. to tokenize shares of money-market funds represents a 'significant leap forward' for the $7 trillion-plus industry as it helps boost the appeal of cash as an asset, according to JPMorgan Chase & Co. strategists. The service, which was announced on Wednesday, will allow for institutional investors to subscribe to digital share representations of money-market funds regulated under the 2a-7 rule that sets stringent guardrails for investments to limit risk. BNY will continue to 'maintain the official books, records and settlements for the funds within currently approved guidelines,' the company said in the statement.
CNBC
6 days ago
- Business
- CNBC
BNY partners with Goldman Sachs to offer tokenized money market funds: CNBC Crypto World
On today's episode of CNBC Crypto World, Bank of New York Mellon and Goldman Sachs announce that they've created the ability for institutional investors to purchase tokenized money market funds. Plus, Roshan Robert, the CEO of OKX U.S., discusses the firm's expansion in the U.S. market and what changes for the crypto exchange amid regulatory advancements for crypto.
Yahoo
6 days ago
- Business
- Yahoo
Alexander Hamilton's bank, Goldman Sachs embrace digital tokens to trade money markets 24/7
Goldman Sachs (GS) and the Bank of New York Mellon (BK) are teaming up to make it easier for institutional investors to trade money market funds 24/7 by using blockchain technology to "tokenize" the assets. The collaboration between the Wall Street investment giant and a 241-year-old bank founded by Alexander Hamilton is the latest example of how venerable financial firms are pushing further into the digital asset realm as the crypto industry gains more favorable regulatory treatment in Washington, D.C. Goldman Sachs and Bank of New York Mellon will use a proprietary tokenization platform developed by Goldman to maintain the record-keeping of select Bank of New York Mellon money market funds. Money managers BlackRock (BLK), Federated Hermes, and Fidelity Investments have also signed up for the launch. Proponents see the value of putting money markets on blockchains as coming down to raw efficiency, where time and, therefore, costs of transferring interest-bearing cash instruments could be reduced. In that way, they serve the same purpose as interest-bearing, dollar-pegged stablecoins. A big use for these assets within the crypto world is via cryptocurrency exchanges that accept shares of tokenized money market funds as collateral for loans. "As the financial system transitions toward a more digital, real-time architecture, BNY is committed to enabling scalable and secure solutions that shape the future of finance," Laide Majiyagbe, BNY's global head of liquidity, financing, and collateral, said in a statement with the press release. Read more: Can you buy crypto with a credit card? See the pros and cons. Majiyagbe called the effort with Goldman Sachs "a first step." The company will not solely rely on a blockchain for record-keeping. Instead, BNY will still maintain the official books, records, and settlement for the funds within the current guidelines for money market funds. The attention for Goldman's tokenization platform, known as GS DAP, comes roughly half a year after the Wall Street bank announced its intent to potentially spin it out as a "an industry-owned distributed technology solution." That ambition is "still in progress," according to a Goldman Sachs spokesperson. "We are excited about this strategic collaboration with BNY in our journey towards the longer-term vision," Goldman Sachs head of digital assets Mathew McDermott said of the tokenization platform in a statement with the press release. As of now, there are more than 40 tokenized money market funds, though most of them have less than $1 billion in assets, according to JPMorgan Asset Management's Teresa Ho Kim. BlackRock's $2.4 billion BUIDL fund represents roughly half of the nearly $5 billion market. Old Wall Street firms and newer players like Robinhood (HOOD), Coinbase (COIN), and Circle (CRCL) have all eyed the chance to tokenize a range of assets. One clear place where proponents have signaled they can reduce costs is in cash instruments. "It is shocking how much friction still exists with just cash. It's unbelievable. And the ability to just make that also be better, faster, cheaper, I think we all know there's a lot of opportunity there," BlackRock COO Rob Goldstein said last month while speaking about tokenization at a New York conference hosted by Coinbase. David Hollerith is a senior reporter for Yahoo Finance covering banking, crypto, and other areas in finance. His email is Click here for in-depth analysis of the latest stock market news and events moving stock prices Sign in to access your portfolio
Yahoo
6 days ago
- Business
- Yahoo
Alexander Hamilton's bank and Goldman embrace digital tokens to trade money markets 24/7
Goldman Sachs (GS) and the Bank of New York Mellon (BK) are teaming up to make it easier for institutional investors to trade money market funds 24/7 by using blockchain technology to "tokenize" the assets. The collaboration between the Wall Street investment giant and a 241-year-old bank founded by Alexander Hamilton is the latest example of how venerable financial firms are pushing further into the digital asset realm as the crypto industry gains more favorable regulatory treatment in Washington, D.C. Goldman and Bank of New York Mellon will use a proprietary tokenization platform developed by Goldman to maintain the record keeping of select Bank of New York Mellon money market funds. Money managers BlackRock (BLK), Federated Hermes, Fidelity Investments have also signed up for the launch. Proponents see the value of putting money markets on blockchains as coming down to raw efficiency where time and therefore costs of transferring interest bearing cash instruments could be reduced. In that way, they serve the same purpose as interest-bearing, dollar-pegged stablecoins. A big use for these assets within the crypto world is via cryptocurrency exchanges that accept shares of tokenized money market funds as collateral for loans. 'As the financial system transitions toward a more digital, real-time architecture, BNY is committed to enabling scalable and secure solutions that shape the future of finance,' Laide Majiyagbe, BNY's global head of liquidity, financing and collateral at BNY said in a statement with the press release. Majiyagbe called the effort with Goldman 'a first step." The company will not solely rely on a blockchain for record keeping. Instead, BNY will still maintain the official books, records and settlement for the funds within current guidelines for money market funds. The attention for Goldman's tokenization platform, known as GS DAP, comes roughly half a year after the Wall Street bank announced its intent to potentially spin it out as a "an industry-owned distributed technology solution." That ambition is "still in progress," according to a Goldman spokesperson. 'We are excited about this strategic collaboration with BNY in our journey towards the longer-term vision,' Goldman's head of digital assets Mathew McDermont said of the tokenization platform in a statement with the press release. As of now, there are more than 40 tokenized money market funds currently, though most of them have less than $1 billion in assets, according to JPMorgan Asset Management's Teresa Ho. BlackRock's $2.4 billion BUIDL fund represents roughly half of the nearly $5 billion market. Old Wall Street firms and newer players like Robinhood (HOOD), Coinbase (COIN) and Circle (CRCL) have all eyed the chance to tokenize a range of assets and one clear place where proponents have signaled they can reduce costs is in cash instruments. 'It is shocking how much friction still exists with just cash. It's unbelievable. And the ability to just make that also be better, faster, cheaper, I think we all know there's a lot of opportunity there,' BlackRock COO Rob Goldstein said last month while speaking about tokenization at a New York conference hosted by Coinbase. David Hollerith is a senior reporter for Yahoo Finance covering banking, crypto, and other areas in finance. His email is Click here for in-depth analysis of the latest stock market news and events moving stock prices Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
