BNY Mellon, the world’s largest custodian, announced this week that it had received regulatory approval to establish its own central securities depository, which will allow it to settle trades for clients and compete with other parts of Europe’s market infrastructure.

BNY Mellon, which has $27.9 trillion in assets under custody, said the launch of BNY Mellon CSD, a Belgium-incorporated, non-bank subsidiary of the firm, is "redefining what it means to be a global custodian". Financial News first predicted the move in October 2011.