BNP Paribas Securities Services has become a direct securities participant to the Federal Reserve increasing its custody offerings in the US.
The custodian will now be able to access the Reserve through FedLine, the Federal Reserve’s online financial services information and payment service.
The announcement is another move for BNP Paribas that signals its intention to aggressively grow in the US and challenge the incumbents that dominate the market.
This demonstrates once again our commitment to the US market and will benefit all our client segments,” said Bruno Campenon, head of custody & clearing services Americas at BNP Paribas.
BNP’s clients will now have access to improved settlement turnaround and reporting as well as first hand information on income events.
The connection to the Reserve is facilitated using Torstone technology’s post-trade and derivatives processing system Inferno.
Using the Inferno platform will provide BNP with the operational support needed to obtain direct access to FedLine as a local custodian of Federal Reserve issued securities.
“We are pleased to be able to offer FedLine reporting connectivity to BNP Paribas, helping them to enhance their corporate action and settlement activities,” said Brian Collings, CEO, Torstone Technology.