BNP Paribas secures Italian T2S mandates 29 January 2015Milan Reporter: Stephanie Palmer
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BNP Paribas Securities Services has secured mandates to provide custody and liquidity services to four large Italian banks, ahead of Italy’s move to Target 2-Securities (T2S) in June.
Banco di Credito Popolare, Banco Popolare dell’Alto Adige, Banca Popolare di Vicenza and Veneto Banca will connect to T2S through BNP Paribas in a bid to harmonise cross-border settlements and increase efficiency, thereby saving on implementation costs.
The banks will also benefit from specialised local asset servicing in markets like corporate actions, processing and income collection, which can vary across locations and require local expertise.
BNP Paribas provides local and global custody services for all markets that will migrate to the T2S platform, and recently launch its Liquidity Access suite of products for helping banks and broker dealers to manage their liquid assets.
Alessandro Gioffreda, head of BNP Paribas Securities Services for Italy, Switzerland and the Mediterranean, said: “Italy will pioneer T2S, becoming the first major market to move all securities transactions to the platform. We are delighted to be working with these banks as they prepare for the move.”
He added: “We will provide them with a single point of contact for settling both their domestic and cross border transactions and accessing banking services such as liquidity management.”
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