Bank of New York Mellon Corp. announced Tuesday it launched a unit designed to clear futures and derivatives trades.

The New York-based company is already providing clearing services through its Pershing LLC unit, but analysts said that the company is trying to ramp up its clearing capabilities as Congress continues to examine financial regulatory reform, which could include more over-the-counter derivatives that will need to be cleared or traded through exchanges (see "New York Fed Taking Lead on Derivatives DB," MME 6/14/2010).

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