BNP Paribas Securities Services has been selected by Squawker, the negotiation venue for pan-European, sell-side block trading, as its pan-European central settlement provider.
BNP Paribas will act as the central settlement provider for all trades executed on Squawker, which will begin to go live through April.
All trades on Squawker will be settled directly between the counterparties and BNP Paribas via the organizations tripartite agreement. Settlements will be performed by BNP Paribas which also will pre-match settlement instructions and settle on a delivery-versus-payment basis.
The last remaining pieces to Squawkers pan-European launch are now slotting into place, says Christopher Gregory, CEO and co-founder, Squawker. We are currently looking to on-board around 100 sell-side firms in this initial phased go-live. As Europes largest and most robust clearing firm, BNP Paribas was the obvious choice of central settlement provider for Squawker.
BNP Paribas has direct membership of 15 European central securities depositories (CSDs) and a local branch in 25 markets within its proprietary network.
James McAleenan, head of U.K. for BNP Paribas Securities Services, adds: This new mandate confirms BNP Paribas’s expansion in the broker dealer and banks segment and demonstrates our commitment to this market, across Europe and to the U.K. Working with clients such as Squawker also highlights our appetite for innovation and our ability to adapt quickly to the fast-paced and evolving environment.
(CG)