BNP Paribas Securities Services (‘BNP Paribas’) today announces the successful completion of end-to-end testing with Turquoise, the Multilateral Trading Facility (MTF). When Turquoise is launched on 15 August 2008, BNP Paribas will offer clients full post-trade support through its status as a General Clearing Member (GCM) on European Central Counterparty Ltd (EuroCCP) – Turquoise’s Central Counterparty (CCP).
Through their local clearing and custody franchises which give them unrivalled expertise, BNP Paribas will provide operational support in all the markets which will be covered by Turquoise. This is not new territory for BNP Paribas, having successfully enabled 14 clients to go live on Chi-X Europe Ltd (Chi-X) by providing post-trade support and acting as their GCM on European Multilateral Clearing Facility NV (EMCF) – Chi-X’s CCP.
Through a single connection, BNP Paribas’ broker dealer client base can use their GCM services on all the main European exchanges as well as the new MTFs. BNP Paribas’ clients also benefit from the same unique operational model for all existing and future CCPs. In addition, to protect their clients from the increase in margin calls arising from the additional MTFs, BNP Paribas has developed centralized margin call and collateral optimization solutions.
These services form part of BNP Paribas Securities Services’ ClearSuiteSM integrated clearing solution which was launched in September 2007. ClearSuiteSM provides innovative execution and post-trade solutions to BNP Paribas’ broker dealer client base.
About BNP Paribas
BNP Paribas (www.bnpparibas.com) is a European leader in global banking and financial services and is one of the 4 strongest banks in the world according to Standard & Poor’s. The group is present in over 85 countries, with more than 168,000 employees, including 129,500 in Europe. The group holds key positions in three major segments: Corporate and Investment Banking, Asset Management & Services and Retail Banking. Present throughout Europe in all of its business lines, the bank’s two domestic markets in retail banking are France and Italy. BNP Paribas also has a significant presence in the United States and strong positions in Asia and the emerging markets.
About BNP Paribas Securities Services
BNP Paribas Securities Services (www.securities.bnpparibas.com) is a wholly-owned subsidiary of BNP Paribas. With €3.6 trillion assets under custody, €744 billion assets under administration and close to 6,000 funds administered, BNP Paribas Securities Services is the leading European provider of securities services and rated number 5 in the world.
BNP Paribas Securities Services has a unique multi-local model, servicing both the buy-side and sell-side with 5,400 employees worldwide, a local presence across 25 countries and global coverage of 92 markets.