BNP Paribas Securities Services Wins APAC Mandate With Liquidnet

BNP Paribas Securities Services has agreed a new mandate in the Asia-Pacific (APAC) region with Liquidnet, whereby the custodian bank will provide Liquidnet with a suite of back office services.

These services include third party clearing, settlement and assistance with the records keeping process.

The network manager selected BNP Paribas’ back office functions to support its growing equity trading business in the region. The move also reduces manual processes and risk in Liquidnet’s broker confirmation and custody processes.

As part of the mandate, BNP Paribas Securities Services will handle Liquidnet’s post trade activity in Hong Kong, and also provide Liquidnet with U.S. broker dealer services via its prime brokerage subsidiary.

“We are seeing more and more organisations in Hong Kong and Singapore partnering with specialist post trade service providers when expanding abroad and when adapting to international regulations such as derivatives clearing, trade reporting and new capital requirements,” says James O’Sullivan, head of client development, banks and broker dealers, BNP Paribas Securities Services Hong Kong.