Bank of New York Mellon Corp. announced Tuesday that it bought a minority stake in Nasdaq OMX Group Inc.'s international derivatives-clearing group.
The group serves as a designated clearing organization for clearing and settling interest rate swap contracts and other fixed-income derivatives contracts.
The sale price was not disclosed.
In addition to the equity stake, the international derivatives clearing group will use Bank of New York Mellon's securities-servicing products, including margin and collateral management.
As part of the agreement, Art Certosimo, a senior vice president at Bank of New York Mellon and chief executive officer of its broker-dealer services and alternative investment services unit, will join the board of the international derivatives clearing group.