BNY Mellon receives key patents for electronic commodity trading
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BNY Mellon receives key patents for electronic commodity trading 08 March 2013New York Reporter: Jenna Jones
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BNY Mellon has been given three patents for key processes that enable electronic trading of commodities through exchange-traded funds (ETFs).
Commodities covered by the patents include gold, silver and other precious metals as well as base and industrial materials.
Joseph Keenan, head of global ETF services for BNY Mellon, explained that the patents recognise that the firm has created an innovative process that transforms cumbersome commodities into easily traded securities.
He added: “This formal affirmation of our intellectual property cements our ability to act as a catalyst to drive the continuous innovation that defines the ETF industry.”
Jonathan Spirgel, co-inventor of the processes and executive vice president of BNY Mellon, said: “It’s gratifying to see the spectacular growth of commodity ETF assets since we launched this unique process in 2003.”
“It demonstrates the importance of these patents and the innovative impact BNY Mellon has on the marketplace.”
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