BNY Mellon has admitted for the first time that obtaining Central Securities Depository status, so it can play in the future global collateral business, is “on the table and under review”.

The confirmation comes more than a year after market sources told Financial News of the potential development. Until last week, BNY Mellon - the world's largest custodian with $27.9 trillion in assets under custody - had said only that it was looking "at all options available" without mentioning specific plans relating to the collateral business.