According to the company, the platform addresses the challenges of administering regulated and unregulated standards of environmental credits recorded on different registries. Global Environmental Markets (GEM) brings registries, units and standards into one place allowing clients a single entry point to manage all credits in their portfolio.
The Bank of New York Mellon’s GEM platform acts as a client’s books and records and generates account statements. Combined with The Bank of New York Mellon’s global cash clearing infrastructure, GEM also supports settlement of credit trades against payments simultaneously, which helps lower operational risks and increase efficiency.
Scott Posner, CEO of The Bank of New York Mellon’s global corporate trust business, said: GEM provides a robust and secure infrastructure for this rapidly growing area and a portal to our systems and facilities that link to the world’s financial markets. These systems are in turn supported by our global technology capabilities and capacity, in readiness for the anticipated growth in these markets.
