VENUE FILE · filed 2026-09 · last re-checked 2026-09
BNY Markets (iFlow) — the liquidity layer, one venue at a time
BNY Markets (iFlow) plays a crucial role in market structure by providing comprehensive FX solutions and insights to corporations and financial institutions.
The Bank of New York Mellon Corporation ('BNY'); UK entity: BNY Mellon Investment Management EMEA Limited · New York, USA · evidence score 81/100
Licence, read on the register
| Regulator | Licence number | Jurisdiction | Tier | Source |
|---|---|---|---|---|
| FCA | 119196 | United Kingdom | tier-1 | open source ↗ |
| SEC/FINRA (broker-dealer) | 8-13801 | United States | tier-1 | open source ↗ |
Tier classification follows the same scale as the retail register: tier-2 means real supervision and client-money segregation, without an investor compensation scheme — never misread it as tier-1 protection.
The claims ledger
Claims specific enough to be falsified — and the ones that remain the venue's own measurement.
- 4testable claims
- 2venue-measured claims
- 0named data centres
- 'A comprehensive suite of FX solutions for trading, hedging and payment needs' (bny.com FX page)
- Core FX offerings: electronic trading, voice trading, segregated execution (algos and benchmarks), trading currencies 24/5 (bny.com FX page)
- FX Payments offers corporations, banks and other financial institutions cross-border FX payments and Nostro deposits (bny.com FX page)
- iFlow Insights: 'unique access to unrivaled global securities execution flows' (bny.com FX page)
Claims we cannot verify from outside
- 'Unrivaled global securities execution flows' — self-measured marketing
- 'Trades in over 100 currency markets' appears in an old PRNewswire release (c.2010s iFlow enhancements) — dated, treated as unverifiable
Perimeter and coverage
| Asset classes | Venues | Connectivity | Clients accepted | Explicitly refused |
|---|---|---|---|---|
| FX spot, FX hedging (share class / portfolio), FX payments, Nostro deposits | Electronic trading, Voice trading | Corporations, Banks, Other financial institutions |
A firm that publishes its own negative space — who it refuses, where it is not licensed — is materially easier to assess than one that doesn't. The refusal list is treated here as disclosure, not as a defect.
What the desk watches next
The follow-up plan attached to this file — each item re-checked on a future pass, dated and kept falsifiable.
- Verification of self-measured execution claims
- Impact of firm age on service offerings