Fortis subsidiary EMCF has appointed BNP Paribas Securities Services for settlement outsourcing in Italy and Spain.
BNP Paribas’ solution will allow underlying EMCF clients to trade Italian and Spanish securities on multiple MTF platforms.
In Italy, BNP Paribas will act as account operator for EMCF, while in Spain, all registration processing will be outsourced to BNP Paribas, where the Bank will also act as Settlement Agent.
Jan Booij, CEO of EMCF commented: “The in-depth market knowledge and experience of the Milan and Madrid teams, in combination with a competitive service tariff and the high internationally acknowledged service rating, have convinced us to select BNP Paribas Securities Services as our settlement service provider for Italian and Spanish stocks.”
Alessandro Gioffreda, global head of clearing settlement and custody product, BNP Paribas Securities Services added: “We are delighted to be partnering EMCF in both Italy and Spain. Central counterparties are an important client segment for BNP Paribas Securities Services and EMCF an outstanding player in this segment. We are wholly committed to developing partnerships and solutions to open up new investment platforms and to reinforce our position as a solution provider to infrastructures.”