GPP appoints SGSS as settlement agent for clearing business

The partnership bolsters SGSS’ post-trade coverage for mid-tier broker-dealers in Europe.

By Joe Parsons

GPP has appointed Societe Generale Securities Services (SGSS) as a settlement agent for its clearing business, through the French bank’s subsidiary PAREL.  

The partnership will see SGSS join GPP’s settlement infrastructure, alongside GPP’s other agents and its own direct CREST participation, in order to enhance access for GPP’s institutional broker-dealer and proprietary trading firm clients to global markets.  

“This appointment highlights our ongoing commitment to offering our clients unrivalled service and value across major global markets, at a time when our international client base is expanding rapidly,” said Julian Parker, CEO, GPP.  

By adding SGSS to our roster of end service providers, we are broadening access for our clients to the industry’s leading clearing and institutional custody services and reinforcing our position as the go-to alternative clearing provider.”  

The partnership also bolsters SGSS’ post-trade coverage for mid-tier broker-dealers, providing clearing and settlement services with global market coverage to over 80 markets through the Societe Generale network.  

Earlier this year, SGSS made a series of changes to its banks and broker–dealer leadership as it looks to renew its sales strategy. Stewart Gladstone was appointed head of segment and solutions for banks and financial intermediaries, while Steve Gutowski was promoted to director of sales and relationship management for broker–dealers.

“As a well-known firm within the UK broker and wealth management communities, this partnership with GPP is a significant step for our brokerdealer franchise and a clear statement of our commitment to our clients. We look forward to supporting GPP and their ambition for growth, added Emmanuel de CheriseyCEO, PAREL.