London/Paris – BNP Paribas Securities Services today reported ongoing success in signing up a significant number of broker dealers to use their General Clearing Member services on EMCF NV, the clearing house of the new pan-European trading venue – Instinet CHI-X Ltd (CHI-X). The MiFID compliant multi-lateral trading facility was launched in November 2006 to provide an alternative trading platform to the existing European stock exchanges.
BNP Paribas was one of the first securities services providers to go live as a GCM on EMCF NV, and has since maintained its pole position as a top clearer for trades executed on CHI-X. All broker dealers using BNP Paribas for GCM services benefit from a bespoke operating model, as will the 6 broker dealers scheduled to go live before year end.
By using a single connection, BNP Paribas’ broker dealer client base can use their GCM services on all the main European exchanges as well as CHI-X. Through their local presence which gives them unrivalled expertise, BNP Paribas delivers innovative pan-European post-trading solutions.
‘Our broker-dealer client base is constantly seeking innovative solutions to counter the increased fragmentation of clearing and settlement in Europe. They wasted no time signing up for the GCM services we provide for trades executed on CHI-X. As our clients can extend their use of our GCM services to new markets using their existing connections, it is quick and easy for them to add trading platforms such as CHI-X’ said Patrick Colle, Head of Clearing Settlement and Custody.
This service forms 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 Securities Services
BNP Paribas Securities Services (securities.bnpparibas.com) is a leading securities services provider to the world’s financial institutions, with a local presence in all key European markets as well as in the US and Australasia. With 5,000 dedicated staff in 21 countries, BNP Paribas Securities Services has almost 900 clients, including 8 of the world’s top 10 investment managers, and a global custody network covering 91 markets. It holds over EUR 3.9 trillion of assets under custody (June 2007) and EUR 825 billion of assets under administration for 6,125 funds worldwide. The bank also provides performance attribution and risk-management analysis for 2,900 investment portfolios, and in 2006 processed over 32 million securities transactions.
About BNP Paribas
BNP Paribas (www.bnpparibas.com) is a European leader in global banking and financial services and is one of the 5 strongest banks in the world according to Standard & Poor’s. The group is present in over 85 countries, with 155,000 employees, including 123,000 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.
Shani Halstead, BNP Paribas Corporate Communications, London +44 (0) 20 7595 2436
Hélène Delannoy, BNP Paribas Corporate Communications, Paris +33 (0) 1 4014 6514
Ilias Catsaros, BNP Paribas Corporate Communications, London +44 (0) 20 7595 2215