French brokerage house Exane has appointed BNP Paribas Securities Services to provide the firm with back office services, including trade administration and clearing and settlement outside as well as inside France.
BNP Paribas says the mandate is the first of its kind in France, but reflects a growing trend for broker-dealers and financial intermediaries across continental Europe to delegate back office operations to specialised third parties in order to streamline operations, improve risk management, and cut costs.
Patrick Cresus, Director, Middle and Back Office Operations at Exane, said “This agreement is about specialisation,” explains Patrick Cresus, Director, Middle and Back Office Operations at Exane. “It allows Exane’s Operations Management to concentrate its energy as well as all its human and technical resources on middle office activities so as to better meet the needs of our clients. Being part of a project which is both exciting and innovative, it also represents a new operational and technological challenge for our teams.”
Philippe Ruault, Head of Product, Back-Office Outsourcing at BNP Paribas Securities Services, says the bank has already made full broker-dealer outsourcing services available in Germany and the UK. “This mandate from Exane significantly boosts our service offering in Europe,” he says. “It is clear evidence of our commitment and our ability to innovate, enter new markets and develop new solutions for clients.”