Traditionally a low-margin, scale-driven business that expends relatively little operating capital, competition in securities services has picked up steam in the last few years. Investment banks previously just outside the top tier, such as BNP Paribas, are actively bulking up by taking on new books, setting a foothold in new geographies, and strengthening the breadth of their product offering.
All of this doesn't happen overnight. Patrick Colle, CEO at BNP's Securities Services arm, points out
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