BNP Paribas Securities Services secures the position as one of the largest third-party clearers (TBC) in Hong Kong.
BNP Paribas Securities Services reached a major milestone in the group’s clearing settlement and custody business in Asia, after becoming the largest General Clearing Participant on the Hong Kong Stock Exchange (HKSE), by clearing over 5% of the value of the HKSE’s daily turnover.
Hong Kong lawmakers announced in January this year that central counterparty (CCP) clearing will be mandatory by the end of 2012. BNP Paribas Securities Services said that this development is the result of a joint effort by the bank and local regulators.
“By launching the largest TPC project to date in the region, we are delighted to have this opportunity to further demonstrate our role as natural innovators in Hong Kong,” says Bruno Campenon, Head of BNP Paribas Securities Services in Hong Kong. “This project is clear evidence that the significant benefits of TPC can now be enjoyed by large, top-tier brokers, helping them to manage their risk and their workforces more effectively.”
The bank says the project was launched in cooperation with BNP Paribas Global Equities and Commodity Derivatives (GECD) team in Asia.