BNP Paribas Securities Services (BP2S) is pleased to announce that it has become the largest General Clearing Participant on the Hong Kong Stock Exchange (HKSE), clearing over 5% of the value of the HKSE’s daily turnover. This is a major milestone in the Bank’s clearing settlement and custody’s business in Asia.
Drawing on BP2S’ commanding position as global clearer across more than 19 markets in Asia and Europe, this development is the result of a joint effort by the Bank and local regulators, helping to continually shape and refine the framework for clearing in Hong Kong over the last 12 months.
The Bank’s latest third party clearing (TPC) achievement is a project launched in cooperation with BNP Paribas Global Equities and Commodity Derivatives (GECD) team in Asia, where GECD’s clients can immediately benefit from increased operational efficiencies across all sizes of operation.
“By launching the largest TPC project to date in the region, we are delighted to have this opportunity to further demonstrate our role as natural innovators in Hong Kong.” commented Bruno Campenon, Head of BNP Paribas Securities Services in Hong Kong. “This project is clear evidence that the significant benefits of TPC can now be enjoyed by large, top-tier brokers, helping them to manage their risk and their workforces more effectively.”
Pierre Rousseau, Global Head of Global Equities and Commodity Derivatives, BNP Paribas Asia Pacific, welcomed the developments. “Our clients will benefit from one of the most sophisticated technical platforms and comprehensive trading and clearing solutions available in the market in Asia. This will reduce clients’ risk along the entire clearing and settlement process, and achieve greater efficiencies in their equity trading operations.”
This development is another indication of the growing trend towards outsourcing in Hong Kong, as highlighted in BP2S’s research report (‘Back Office outsourcing: Where to draw the line?’) published in June 2010.
About BNP Paribas Securities Services
BNP Paribas Securities Services is a wholly-owned subsidiary of the BNP Paribas Group, delivering flexibility and commitment, backed by the strength of a leading universal bank.
Operating across the investment cycle, we provide post-trade administration solutions to buy-side and sell-side financial institutions and issuers. The Bank has a local presence across 32 countries and global coverage of over 100 markets, offering a one-stop shop for all asset classes, both onshore and offshore, across the globe.
With USD 6,237 billion of assets under custody, USD 1,026 billion assets under administration and over 6,000 funds administered as at 30 September 2010, BNP Paribas Securities Services is Europe’s leading securities services provider and number 5 worldwide.
About BNP Paribas Corporate and Investment Banking
BNP Paribas Corporate and Investment Banking employs about 20,000 people in over 50 countries and services 13,000 corporate and institutional clients worldwide.
BNP Paribas CIB excels in:
Derivatives – where it is one of the leading global players in rates, credit, forex, commodity and equity derivatives.
Capital markets – where it is one of the top European houses in both ECM and DCM (bond, securitization, convertibles and equity issuance)
Structured finance – where it is amongst the leaders in acquisition, export, project, energy and commodity finance globally.
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