BNY Mellon has been awarded three patents for key processes that enable electronic trading of commodities such as gold through exchange-traded funds.
Commodities covered by the patents also include silver and other precious metals as well as base and industrial metals.
“These patents recognise that BNY Mellon has created an innovative process that transforms a metal and other commodities that typically are cumbersome into easily traded securities,” says Joseph Keenan, head of Global ETF services for BNY Mellon. “This formal affirmation of our intellectual property cements our ability to act as a catalyst to drive the continuous innovation that defines the ETF industry.”
“It’s gratifying to see the spectacular growth of commodity ETF assets since we launched this unique process in 2003,” says Jonathan Spirgel, co-inventor of the processes and executive vice president for BNY Mellon. “It demonstrates the importance of these patents and the innovative impact BNY Mellon has on the marketplace.”
