Powered by Lexis+®
Jurisdiction(s):
United Kingdom
United Kingdom
View all Glossary Terms Related Content
CASE STUDY
“A lot of the work that I do is historic-the maximum sentences change at different points of time. It's really complicated and people get it wrong all the time. That's when having a timeline is really useful.”
1 High PavementAccess all documents on BoNY
BoNY meaning
Published by a LexisNexis Banking & Finance expert
What does BoNY mean?
BoNY is market shorthand for The Bank of New York Mellon group, commonly appointed in UK and Irish transactions as security trustee, note/bond trustee, paying agent, account bank, custodian or collateral agent. The term is descriptive rather than defined in legislation or case law, and is used across capital markets, securitisations, project finance and syndicated lending.
In practice, BoNY (often appearing as The Bank of New York Mellon, London Branch, or a UK/Ireland affiliate such as BNY Mellon Corporate Trustee Services Limited) holds security on trust for secured creditors under a security trust deed or intercreditor agreement, administers payments, monitors covenants and, where required, coordinates enforcement. Its role is typically independent and administrative, with duties and protections set out in the trust deed or agency terms.
Usage and legal effect are broadly consistent across England & Wales, Scotland, Northern Ireland and Ireland, with local law governing the taking and holding of security (for example, Scots law trusts for security and Irish trust or security agent structures). In formal documents the full corporate name is used; “BoNY” is colloquial drafting shorthand. Parties choose BoNY for its established trustee/custodian platform, standardised processes and cross‑border capability.
Speed up all aspects of your legal work with tools that help you to work faster and smarter. Win cases, close deals and grow your business–all whilst saving time and reducing risk.
View the related Practice Notes about BoNY
PRACTICE NOTES
UK Banking, Finance, Capital Markets, Derivatives and Insolvency Law Glossary including Islamic finance
Banking & Finance glossary A Auditing and Accounting Organisation for Islamic Financial Institutions (AAOIFI) The foremost Islamic, international, autonomous, independent, not-for-profit corporate body that develops and issues accounting, auditing, governance, ethics and Shari’ah benchmarks and standards for Islamic Financial Institutions (IFIs) and the wider Islamic finance sector. Founded in Bahrain in 1991, it is backed by a number of institutional members across more than 45 countries, including central banks and regulatory authorities, financial institutions, accounting and auditing practices, and legal firms. Its pronouncements are currently applied by leading Islamic financial institutions across the world and have advanced a progressive and gradual harmonisation of global Islamic finance practice. It also delivers professional qualification programmes—notably Certified Islamic Professional Accountant (CIPA), Certified Shari’ah Adviser and Auditor (CSAA), and the corporate compliance programme—in efforts to strengthen the industry’s human capital and governance frameworks. For further details, see Practice Note: Key participants in the Islamic finance industry—Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI). Acceleration Acceleration is the formal action...
22 May
Read More 
