AQX Securities has selected BNP Paribas Securities Services as its central settlement partner for all trades, both firms announced today.
All trades by AQX on behalf of its clients will now be settled directly between the counterpart and BNP Paribas. A delivery-versus-payment model will be used, and the custodian bank will pre-match settlement as far as possible.
"Counterparty risk, pre-matching of trades, and timely settlement are become increasingly vital to our growing, global client base," says Norman Hartmann, CEO at AQX Securities. "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."
AQX is an independent subsidiary of Aquila Group.
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