BNP Paribas Securities Services (BNP Paribas) have continued success in signing up a number of broker dealers to use their General Clearing Member services on EMCF NV, the clearing house of the new pan-European trading venue – Instinet CHI-X Ltd(CHI-X).
The MiFID compliant multi-lateral trading facility was launched in November 2006 to provide an alternative trading platform to the existing European stock exchanges.
BNP Paribas’s broker dealer client base can use their GCM services on all the main European exchanges as well as CHI-X. Through their local presence which gives them unrivalled expertise, BNP Paribas delivers pan-European post-trading applications.
“Our broker-dealer client base is constantly seeking innovative solutions to counter the increased fragmentation of clearing and settlement in Europe. They wasted no time signing up for the GCM services we provide for trades executed on CHI-X. As our clients can extend their use of our GCM services to new markets using their existing connections, it is quick and easy for them to add trading platforms such as CHI-X,” says Patrick Colle, head of clearing settlement and custody.
This service forms part of BNP Paribas Securities Services’ ClearSuiteSM integrated clearing solution which was launched in September 2007.