BNP Paribas Securities Services Looks To Grow Broker-Dealer Clearing Activities In The US

BNP Paribas Securities Services and BNP Paribas Equities and Derivatives have formed an internal joint venture to combine the current Correspondent Clearing Services (CCS)
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BNP Paribas Securities Services and BNP Paribas Equities and Derivatives have formed an internal joint venture to combine the current Correspondent Clearing Services (CCS) provided out of King of Prussia (KOP) in Pennsylvania with BNP Paribas Securities Services’ global transaction and custodial services. The plan is to promote the bank’s correspondent clearing services to a wider range of US broker-dealers on a fully disclosed and omnibus basis by leveraging KOP’s capabilities.

John Foster, Head of BNP Paribas Correspondent Clearing Services in KOP, describes the internal JV as an important strategic development. “It will allow us to leverage our well developed and highly efficient core infrastructure to increase our third party execution, clearing, settlement and asset servicing business for US brokers and financial institutions,” he says. “We are confident that our technology, unique dedication to quality service and well capitalized institution will deliver the packaged solutions which many clients are searching for today from a Correspondent Clearer. By joining with BNP Paribas Securities Services we have an exciting opportunity to locally represent a global organization which has distinguished itself as the premier service provider of clearing services outside of the United States.”

The KOP team of forty individuals will remain under John Foster’s management, who will report locally to Christina Feicht, Head of BNP Paribas Securities Services USA and functionally to Patrick Colle, Global Head of Clearing, Custody and Settlement (CSC) Product Management in Paris. On the broker dealer activities of BNP Paribas Securities Corp, Foster will continue to report to Larry Sobin, Chief Operating Officer. Correspondent Clearing Sales for North American will be headed by Bob Farley, Head of Sales, Financial Intermediaries, the Americas.

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