Bank of New York Mellon is a global financial services company, business of which is divided by Investment Management, Wealth Management and Investment Services segments. Fees and commissions is the key source of its revenue and BNY Mellon is making progress in growing asset servicing, issue services and clearing servicing fees. Now, FX is one of its most prospective business, regarding of which the Bank is seeing growth in traditional and new products as well as early benefits from FX technology enhancements that is expected to drive further growth. One more driver and competitive advantage is collateral service, moreover, the Bank was awarded a US patent for this innovation area. As for the latest results for the 2nd quarter 2013, all of the BNY Mellon businesses delivered year over year increases due to better market conditions. Moreover, Investment Management recorded its fifteen consecutive quarter of net positive long-term flows. The main positive impact on revenues was caused by the fees increase by 12,1% sequentially and 39,4% y/y to $3,2bn, which was driven by such factors as organic growth, higher market values, corporate actions, new unit business. Positive trend in net interest revenue was driven by change of the mix of earning assets, lower funding costs, higher rates and higher average interest-earning assets, at the same time, net interest margin slightly decreased y/y due to higher interest-earning assets and lower yields. It should be noted that provision for credit loss significantly decreased by 20,8%q/q and remained unchanged at the yearly basis while nonperforming assets ratio went down from 0,7% to 0,4% y/y, thus, we see the improvements in the credit quality. Expenses were flat q/q which indicates of good optimization work in the bank. To sum up, we see constant improvements in the Bank’s key indicators and income, our view is that positive trend may continue in case of no significant negative economic fluctuations as BNY Mellon is vulnerable to negative economic conditions. The main focus remains as organic growth, controlling expenses, returning capital to shareholders and growing shareholder value. Consensus target price is 32,29$, current upside risk equals 3,2%, short-term goal – 32$.