AQX Securities selects BNP Paribas Securities Services as central settlement partner
AQX Securities has selected BNP Paribas Securities Services as its global central settlement provider.
With final testing complete, BNP Paribas will act as the central settlement provider for all trades executed on AQX Securities.
Norman Hartmann, CEO, AQX Securities, says: “Counterparty risk, pre-matching of trades, and timely settlement are become increasingly vital to our growing, global client base. Our Model B settlement agreement with BNP Paribas complements our own middle and back office teams. BNP Paribas’s stable and secure settlement platform backed up by its robust balance sheet allows AQX Securities to give our clients the very best solution for their trading needs.”
All trades by AQX on behalf of its clients will be settled directly between the counterpart and BNP Paribas. Settlements will be backed by BNP Paribas’s balance sheet and will take place across BNP Paribas’s account, guaranteeing the performance of those settlements. BNP Paribas will also pre-match settlement instructions, as far as the relevant market procedures allow, and settle with the counterpart on a 'Delivery-Versus-Payment' basis.
Julien Kasparian, UK gead of sales and relationship management for banks and brokers, BNP Paribas Securities Services, says: “Our offering for our bank and broker clients services them across all asset classes and covers the whole globe. We bring efficiency to the trade cycle, and help clients protect their assets and adjust to regulatory change. We are very pleased to have been selected by AQX, this mandate demonstrates BNP Paribas' commitment to our bank and broker dealer client base in the UK.”
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