State officials investigate BNY Mellon on software glitch
State officials are scrutinizing Bank of New York Mellon’s handling of huge software glitch that occurred in August, in order to determine its effect on investors. According to Secretary of State William F. Galvin, last month, wrong valuations were provided by BNY Mellon for exchange traded funds and mutual funds and some of the valuations deviated over 1%.
Galvin said that the problem may have led to inability of investors to trade funds at right prices. The glitch has affected a number of investment companies together with billions of dollars of assets and hundreds of funds.
According to Galvin, “In the warp speed of trading these days, computer problems can happen but the fallout that seems only to affect large financial institutions can hit the average investor looking at his or her retirement money”.
BNY Mellon didn’t comment on investigation by Galvin; however, it said that it has come up with a process for producing net asset valuations, which would help the funds continue to trade.
Letters has been sent by Galvin to BNY Mellon together with six mutual funds that have been affected by the glitch. Galvin has asked them to present the scope of the glitch and the measures taken by them to deal with any loss individual investors suffer.
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