BNP Paribas Securities Services announced that it has been appointed by the Kingdom of Spain (Tesoro Público) to provide a suite of collateral management for OTC derivatives, and custody services.
Tesoro Público is responsible for the design and implementation of the funding strategy of the Spanish Central Government.
Commenting on the development, Ignacio Fernandez-Palomero, head of the Debt Division at Tesoro Público said The new platform has given us the base to enhance our collateral activities, with the safety and security of BNP Paribas Securities Services custody services.
We also appreciated the teams expertise, both on a technical and regulatory level. The fact that they had a deep knowledge of both collateral management and custody under one roof was a key factor in our decision, Ignacio added.
BNP Paribas collateral management platform also enables multi-jurisdictional booking of collateral across more than ten locations. The platform can either be integrated into existing client systems, or provided as part of the banks suite of services for OTC derivatives including trade management, independent valuations and collateral management.
Hélène Virello, head of collateral management services at BNP Paribas Securities Services said We are delighted that the Kingdom of Spain has entrusted us with its collateral management and custody requirements.
Meeting ever increasing collateral requirements is essential to clients trading OTC derivatives today, and this development demonstrates our dedication to supporting our clients across the entire post-trade lifecycle.