BNP Paribas Securities Services has been mandated by Baikal for back office outsourcing and settlement services for the Baikal smart order routing platform and dark pool order book.
Baikal, the block trading platform developed by the London Stock Exchange, has also chosen Fidessa to supply the smart order routing technology, allowing customers to route to other exchanges MTFs if Baikal cannot service the trade.
75% of LSE customers use Fidessa platforms.
Jason Nabi, UK Head of Financial Intermediaries, BNP Paribas said: Baikal is set to become one of the industry leading platforms in Europe and with the pending launch we are proud to be Baikals partner for back-office and settlement across Europe. This is a milestone deal and it further validates our commitment to delivering industry leading solutions to the market infrastructure client segment.
John Wilson, CEO Baikal said: Baikal is set to become a major platform for trading of European stocks and with BNP Paribas providing us with operational post-trade services we are confident we have a solid foundation on which to launch and build our business.