These days, it's virtually impossible to become a bona fidemonopoly on Wall Street.
But that's exactly what is happening in one vitalpart of the U.S. financial system, which has more than a fewtraders on edge.
Come mid-2018, just one entity—the Bank of New York MellonCorp.—will be responsible for ensuring almost two trilliondollars worth of securities financed by so-called repurchaseagreements are cleared and settled each and every day.With its lone longtime rival, JPMorgan Chase & Co., exiting thebusiness, BNY Mellon began the process of moving over clients thissummer.
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