BNP Paribas, Clearstream Go Live with Collateral Management
The joint utility between the bank and Clearstream, a Deutsche Börse company, will cover collateral management for triparty fixed income and equities trades. BNP Paribas will remain the local custodian, while clients will be able to use Clearstream's global collateral allocation, optimization and exposure coverage. Those using the service avoid cross-border processes, as assets used in the transaction are moved into a BNP account under Clearstream's name.
"We are pleased to offer the benefits of our partnership with Clearstream to our clients," says Alain Pochet, head of clearing, settlement and custody at BNP Paribas Securities Services. "This first step ─ related to fixed income and equities in Belgium, France, Italy and Netherlands ─ will soon be extended to other markets depending on our client's priorities. This successful cooperation is essential in a strong regulatory context where our clients need to use their collateral assets wherever they are held with BNP Paribas Securities Services. Transparency and automation are the key words of this riskless solution, bringing a reduction of operation workload to our clients, allowing them to finance assets they would not have used before."
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