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2026 Annual Reviewv2026.2

2026 · Evidence audit

BNY Markets (iFlow) — institutional liquidity provider

BNY Markets operates under The Bank of New York Mellon Corporation, a Tier-1 custody bank. It holds FCA and SEC/FINRA licenses, confirming its regulatory compliance in the UK and US. Self-measured claims regarding execution flows and market coverage require independent verification.

The Bank of New York Mellon Corporation ('BNY'); UK entity: BNY Mellon Investment Management EMEA Limited · New York, USA · last re-checked 2026-09 · evidence score 81/100

01

Licence, read on the register

RegulatorLicence numberJurisdictionTierSource
FCA119196United Kingdomtier-1open source ↗
SEC/FINRA (broker-dealer)8-13801United Statestier-1open source ↗

Tier classification follows the same scale as the retail register: tier-1 = FCA/ASIC/CFTC-class supervision, tier-2 = CySEC/FSC-Mauritius/MFSA-class, tier-3 = offshore registration. A tier-2 licence is genuine supervision without an investor compensation scheme — never misread it as tier-1 protection.

02

What the firm commits to

Claims specific enough to be falsified — and the ones that remain the venue's own measurement.

A

Testable claims

  • '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)
B

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
03

Perimeter and coverage

Asset classesVenuesConnectivityClients acceptedExplicitly refused
FX spot, FX hedging (share class / portfolio), FX payments, Nostro depositsElectronic trading, Voice tradingCorporations, Banks, Other financial institutions

A firm that publishes its own negative space — who it refuses, where it is not licensed — is materially easier to diligence than one that doesn't. The refusal list is treated here as a disclosure, not a defect.