Société Générale Securities Services (SGSS) and its subsidiary derivatives broker, Newedge, have been mandated by Agence France Locale to process its OTC derivatives operations. SGSS also won a mandate to provide custody services for the organization’s cash portfolio.
Launched in October 2013, Agence France Locale is a union of French local authorities with the mission to fund their investments without an intermediary, giving members access to simple loans.
Société Générale won this mandate following an RFP due the breadth of the bank’s offering and its overall expertise in managing outsourced back- and middle-office functions for derivatives.
With the mandate, Agence France Locale will use Orchestra, Société Générale’s fully integrated service to support clearing and processing of OTC derivatives, which combines the expertise of SGSS and Newedge, for services covering the whole value chain for derivatives, including custody, clearing & settlement, middle-office operations and collateral management. Newedge also brings its experience in execution to the offering.
Société Générale Wins Mandate for Custody and Derivatives Processing in France
Société Générale Securities Services (SGSS) and its subsidiary derivatives broker, Newedge, have been mandated by Agence France Locale to process its OTC derivatives operations.