BNP Paribas Securities Services has processed and settled Chi-X trades in the Netherlands and Germany on behalf of its first client acting as a Chi-X trading participant.
In April, BNP was approved as a general clearing participant for Instinet Chi-X Limited’s new pan-European equity alternative trading system (ATS). EMCF NV (Fortis) acts as the central counterpart covering several European markets, including Netherlands (AEX 25) and Germany (DAX 30).
At the end of June, BNP will start clearing UK stocks according to EMCF NV planning.
“The launch of the activity has been very smooth and it has already positioned us as a leading provider of clearing services in relation with the new multi-trading venues that will spring up with the implementation of MiFID, says Patrick Colle, head of product for clearing, settlement and custody at BNP Paribas Securities Services. “We aim to provide the same level of quality and efficiency for any future MTF implementation, helping our clients overcome the new regulatory and operational challenges post-MiFID, but also enabling them to take advantage of the new trading opportunities that will result from it.”