Pershing, a BNY Mellon company, has launched GlobalClear, a new back-office outsourcing solution that streamlines clearing, settlement and custody for institutional broker-dealers in Europe.

According to BNY Mellon, GlobalClear will allow Pershing’s institutional clients to outsource their back-office systems and operations to Pershing, while leveraging the company’s global settlement network and general clearing memberships with European exchanges and multi-lateral trading facilities.

Features of GlobalClear include a single point of access for clearing, settling and custody of equities, depository receipts, convertible bonds and other fixed income instruments.

GlobalClear is expected to provide Pershing’s institutional clients throughout Europe access to the increased number of liquidity venues that have emerged over the last two years.

Charles van der Merwe, CEO of Pershing, said: “Rapid and significant changes in the European financial landscape have placed growing pressure on financial firms. Pershing’s GlobalClear solution has been designed to support institutional broker-dealers through the clearing and settlement process and is part of Pershing’s long-standing commitment to continuous improvement and client growth.”