BNP Paribas Securities Services has become the largest General Clearing Participant on the Hong Kong Stock Exchange (HKSE), clearing over five per cent of the value of the HKSE's daily turnover.
Drawing on BNP Paribas Securities Services' 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."
