To maximize liquidity and operating efficiency, interest-bearing demand deposit accounts provide an array of interest income features and full access to your cash to support payment and investment activity.  

Interest-bearing demand deposit account features include: 

• Supported by BNY’s stable credit profile¹
• Variety of interest-bearing deposit products offered to meet your liquidity needs 
• Full integration within a single platform to provide comprehensive management across multiple cash investment products 
• Support for multiple currencies support 
• FDIC insured up to $250,000 per client legal entity²  
   

¹ https://www.bny.com/corporate/global/en/investor-relations/fixed-income.html 
² Subject to FDIC’s limit as applicable from time to time. Deposits held outside the United States are not insured by the FDIC. You may also obtain information by contacting the FDIC Office of Consumer Affairs by letter (550 17th Street, N.W., Washington, D.C. 20429), by telephone (877-275-3342 or 800-925-4618 (TDD)) or by email (dcainternet@fdic.gov), or by visiting the FDIC website at www.fdic.gov

LiquidityDirect supports almost $17.4 trillion in annual transaction flow for more than 8,000 of the world’s largest institutional investors.³ LiquidityDirect is underpinned by BNY’s NEXEN trading platform.   

Money Market Funds available on LiquidityDirect include the following fund types:  

Treasury Funds:  A U.S. Treasury MMF is a mutual fund that pools money from investors to purchase low-risk government securities. This includes Treasury only and Treasury with repo.  

Government Funds: Government funds invest in a broader variety of government securities, such as agency debt of government-sponsored enterprises, in addition to Treasury securities and repurchase agreements.  

Prime Funds: Prime funds invest in a broader variety of debt securities, including commercial paper, certificates of deposit, corporate notes and other corporate debt.  

Municipal Funds: These funds invest primarily in municipal securities issued by states and municipalities.  

Global Funds: In addition to U.S. onshore funds, a robust suite of non-U.S. offshore funds covering the universe of country domiciles and primary currency denominations to support investors’ needs globally.  
 

³ As of December 31, 2024, across every segment and region within MMFs, BNY Global Liquidity Services. 

LiquidityDirect is at the forefront of this first-of-its-kind initiative that demonstrates our relentless commitment to driving the financial services industry forward – this time by tokenizing money market funds (MMFs) via LiquidityDirect. Leveraging our market-leading position that brings together fund companies and end clients, we have collaborated with Goldman Sachs Digital Assets Platform (GS DAP®) to launch tokenized MMFs via LiquidityDirect. Investors can subscribe, redeem, and safekeep tokenized MMF shares including BNY Investments Dreyfus Treasury Securities Cash Management Token Enabled Shares (TKNXX) through BNY’s LiquidityDirect, which offers connectivity to GS DAP® via integration with BNY Digital Assets. 

_{*Please note that the product/services referred to herein may not be available in your location. Please contact your BNY relationship manager for further information.}

Sponsored cleared repo allows you to invest cash in repo transactions collateralized with U.S. Treasuries facing the Fixed Income Clearing Corporation (FICC), a central counterparty (CCP).  

When BNY sponsors a counterparty, we facilitate all the settlement and collateral management responsibilities for you, all within the confines of BNY’s securities clearing, custody and collateral management infrastructure.  

Participants in LiquidityDirect can access a wide range of benefits when investing cash through sponsored cleared repo:  

• Safety & Stability: Face a high-rated clearinghouse on your cash investment without the obligations of full CCP membership. 
• Enhanced Efficiency: Access collateralized investment through the established and trusted LiquidityDirect platform. We provide ongoing maintenance and reporting around the repo, including many of the required operational elements concerning rolling overnight transactions over longer durations.  At trade maturity we confirm that both the cash and collateral are returned.  
• The BNY Ecosystem: All pre-trade and post-trade elements of your sponsored cleared repo activity take place within our custody and settlement ecosystem, maximizing operational efficiency and minimizing risks associated with moving elements of the trade flow outside of BNY.  
• Sweep vs. Directed: Clients can choose to sweep their FICC repo investment or directly trade on LiquidityDirect each day.   

As you continue to seek alternative investment opportunities to manage risk and improve performance, mutual funds are often an investment option that can be utilized for this purpose. For our clients, the LiquidityDirect platform provides simple point-and-click trade execution of mutual funds to achieve investment goals.  

Benefits of Trading Open-Ended Mutual Funds on LiquidityDirect: 

• One-stop shop and one-click access to highly diversified pools of ultra-short-duration fixed income assets 
• Cost and operational efficiency through the ability to consolidate your cash investments in your LiquidityDirect account 
• Automatic settlement of all trades directly in your BNY custody account  
• Efficiency and ease of use through the ability to view and direct transactions in open-ended mutual funds in the same LiquidityDirect account as your MMFs and other securities  
• Real-time updates of trade status, wires, cash and positions 
• Strong controls through the use of different access levels, for traders and approvers 
• Consolidated reporting that include securities and mutual funds held in your custody account 
• Report scheduling and distribution features for on-demand reporting 
  
  

_{*Clients must be LiquidityDirect customers and invested in other products. The service is only available for funds that are eligible on the NSCC Fund/SERV platform. BNY does not offer access to other funds that would require BNY to establish a direct relationship with transfer agents.}

Commerical paper (CP) on LiquidityDirect. BNY Capital Markets, LLC, is currently a named dealer for nearly 100 A-1/P-1 and A-2/P-2 CP issuers and are actively adding commercial paper issuers to our list of offerings.

Launched in 2012, our desk has increased market share, while some competitors have retrenched.

As of Q1 2025, our desk averages $10 billion in executed volume each day across a diverse array of issuers and credit profiles.

The combination of LiquidityDirect’s 25-year history with our decades of experience as a CP dealer offers a robust spectrum of expertise and capabilities.

Exchange-traded funds (ETFs) invest in high-quality Treasury, government and corporate securities. They provide a low-cost, diversified, yield-enhanced exposure within these asset classes. These vehicles have taken financial markets by storm, with assets exceeding $2.2 trillion globally in 2024.¹⁰

At BNY, we service all elements of the ETF lifecycle, including acting as an ETF liquidity provider and authorized participant, making us an ideal specialist to assist with your ETF strategy and implementation.  

For LiquidityDirect clients, the platform provides simple point-and-click functionality on the ETFs to help you to achieve your investment goals, with support from BNY Capital Markets’ ETF specialists.  

ETF Qualities 

• Broad diversification 
• Access off-exchange liquidity through BNY Capital Markets, including the ability to achieve NAV-style benchmark execution, as well as achieving one-day settlement on most funds 
• Low expense ratio 
• Tax-efficient structures 
• Ability to generate enhanced yield compared to other cash alternatives  
   

_{*Products offered only in the U.S. to institutional clients, unless otherwise permitted by local law, on LiquidityDirect through BNY Capital Markets, LLC.
¹⁰Source Trackinsight Fixed Income Report Q3 2024}

Looking for the security of investing in cash deposits, but with the additional safety of access to multimillion-dollar FDIC insurance coverage? If so, then Insured Cash Sweep (ICS) may be the right investment for your portfolio.  

ICS is a deposit placement service that enables you to submit multimillion-dollar deposits for placement at third-party FDIC insured depository institutions.⁶  The service, offered by IntraFi Network⁷  and available through BNY’s LiquidityDirect platform provides access to multimillion-dollar FDIC ⁸ protection for investors.  

By working directly with us, you can access multimillion-dollar FDIC coverage from the depository institutions participating in the ICS network. ICS can help achieve your investment goals while protecting your principal.  

How Does it Work?  

With ICS, through a single account at BNY, your funds are placed in deposit accounts at various network member banks.⁹  This diversification means your exposure to any one bank, including paid interest, does not exceed FDIC coverage limits.  

To access coverage, you also have the flexibility to exclude banks at which your money is already on deposit. Regardless of how many institutions you are invested with, you’ll receive one statement.  

⁵Offered on LiquidityDirect by IntraFi Network. Product offered only in the U.S. to institutional clients, unless otherwise permitted by local law, on LiquidityDirect through BNY. The deposit taking institution may not be licensed outside of the U.S. and deposits may not be insured under deposit protection guarantees other than the FDIC’s.  

Placement of funds through the ICS service is subject to the terms, conditions, and disclosures in the service agreements, including the Deposit Placement Agreement (DPA). Limits and customer eligibility criteria apply. In the ICS savings option, program withdrawals are limited to six per month. Although funds are placed at destination banks in amounts that do not exceed the FDIC standard maximum deposit insurance amount (SMDIA), a depositor’s balances at the relationship institution that places the funds may exceed the SMDIA (e.g., before ICS settlement for a deposit or after ICS settlement for a withdrawal) or be ineligible for FDIC insurance (if the relationship institution is not a bank). As stated in the DPA, the depositor is responsible for making any necessary arrangements to protect such balances consistent with applicable law. If the depositor is subject to restrictions on placement of its funds, the depositor is responsible for determining whether its use of ICS satisfies those restrictions. ICS and Insured Cash Sweep are registered service marks of IntraFi Network LLC. 

⁶ Subject to FDIC’s limit as applicable from time to time. You may obtain information by visiting the FDIC website at www.fdic.gov

⁷ Founded June 2002, IntraFi Network, LLC, provides creative solutions to the banking and thrift industries. BNY provides sub-custodial, recordkeeping and settlement services. 

⁸The Federal Deposit Insurance Corporation (FDIC) is an independent U.S. government agency that currently insures deposits up to $250,000 per depositor (per insurable capacity), per bank, subject to certain conditions.  

⁹ Following a request submitted by the depositor, funds are sent to money market deposit accounts when using the ICS savings option and to demand deposit accounts when using the ICS demand option. If the depositor chooses both the demand and savings options, the depositor will need to have a separate transaction account for each.

Thematic investing has become a focal point in recent years, with some entities mandated through their investment guidelines to invest a portion or all of their investments in focused investments or impact funds.  

LiquidityDirect provides extensive analytics applications to help you understand and interpret how funds are conducting thematic investing and how funds can help you better align investments with your investing values. Partnering with leaders in the segment, LiquidityDirect uses the following rankings to ensure that thematic investments are accurately and reliably labeled. Scores are then normalized across ESG rating agencies to make it easy to compare funds and securities.  

MSCI ESG Fund Rating:⁴ Designed to assess the resilience of a fund’s aggregate holdings to long-term ESG risks. High-ranked funds consist of issuers with leading or improving management of key ESG risks. The fund ESG quality score is assessed using the underlying holdings’ overall ESG scores, ratings and rating trends. The fund ESG quality score is then mapped to the AAA CCC letter-rating categories. Fund companies are able to provide additional context alongside the rankings from the ESG rating agencies.

_{⁴Click here to learn more.}