Who BNY buys from and sells to
Largest custodian and the main clearing bank for US Treasuries; Pershing clears trades for other brokers.
Part of Government Net Interest Payments spending
Buys from 3
- Federated HermesFHImoney-market funds offered on Pershing and sweep platforms
- Federal ReserveFedwire securities settlement and reserve accounts
- DTCCUS securities settlement and depository
Sells to 3
- BlackRockBLKcustody and depositary for US and Irish iShares
- Broker-dealers and RIAsclearing and custody through Pershing
- Treasury dealerscollateral management and tri-party repo
Where the chain could break
- Sits in the middle of the Treasury repo market; an operational outage would freeze collateral flows
- Fees track custodied asset values; deposit income tracks short rates
- SEC Treasury central-clearing mandate changes how dealers use its tri-party service
Competes with
- State StreetSTTasset servicing for the same fund managers
- JPMorganJPMcustody and collateral services
- CitigroupCcustody and fund services
- Northern TrustNTRSasset servicing for pensions and funds
Mapped by hand from filings and company reporting, as of October 2026. It shows the relationships that matter most, not every contract: most are never disclosed, and agreements change.