BNY Mellon, a privately owned company headquartered in New York City, US, was founded in 1784 and employs approximately 47,420 individuals, specializing in financial services. BNY Mellon, formally known as The Bank of New York Mellon Corporation, was formed in 2007 through the merger of The Bank of New York and Mellon Financial Corporation.
On March 20, 2026, BNY Mellon completed a high-stakes migration of a core system, moving over 9 million lines of OpenVMS Fortran code, including 500,000 lines of DCL, to Linux. This critical system handles vast amounts of global financial data. Previously, on March 19, BNY Mellon's global markets team released a comprehensive analysis indicating the South African Rand (ZAR) presents a complex investment case where structural improvements now confront persistent carry trade vulnerabilities. Earlier that day, the Federal Reserve’s proposed overhaul of Basel III capital rules, also unveiled on March 19, 2026, projected a $45.2 billion reduction in prospective capital requirements for US global systemically important banks (G-SIBs), including BNY Mellon. BNY Mellon analysis additionally revealed on March 19 that Norway’s currency, the NOK, faces significant challenges and mounting pressure from structural shifts in energy markets and capital flows as the nation’s energy support mechanisms encounter persistent flow headwinds.
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