MFDF - Mutual Fund Directors Forum - BNY Mellon Reports another Large-Scale Technological Failure test

Member Login



Request an account

Sample Banner 1

BNY Mellon Reports another Large-Scale Technological Failure

Bank of New York Mellon Corp., which serves as custodian for many mutual funds, reported a technological outage that left the bank unable to timely process client payment instructions through Swift, a funds transfer network, for several hours between December 4-5, 2016. According to a Wall Street Journal report, the incident affected institutions that use BNY Mellon to make hundreds of billions of dollars of payments on their behalf by sending messages over Swift. The WSJ reported that once BNY Mellon discovered the problem, a technology vendor eventually helped the bank to restore its system. The WSJ report also noted that the bank has drawn scrutiny from supervisors at the Federal Reserve for its large market share as a payment and settlements provider. In August 2015, a technological failure in BNY Mellon’s accounting systems left it unable to calculate closing prices for hundreds of mutual funds.

 
  • All
  • Accounting and Audit
  • Advisory Contracts
  • Board Governance
  • Board Governance: Board Leadership
  • Board Governance: Compensation
  • Board Governance: Oversight of CCO
  • Board Governance: D&O Insurance
  • Board Governance: Self-Evaluation
  • Closed-end Funds
  • ETFs
  • Other Oversight
  • Other Oversight: Alternative Investments and Derivatives
  • Other Oversight: Custody
  • Other Oversight: Fixed Income funds
  • Other Oversight: Distribution
  • Other Oversight: Portfolio Trading
  • Other Oversight: Proxy Voting
  • Other Oversight: Securities Lending
  • Legislative News
  • Money Market Funds
  • Reference
  • Regulatory News
  • Risk
  • Shareholder Disclosure
  • Valuation
  • Webinars
  • Aaron New Tag

SHOWING 0 TO 0 OF 0 ENTRIES (FILTERED FROM 0 TOTAL ENTRIES)