SecFinex products to be cleared by BNP Paribas Securities Services
London, Paris - SecFinex, the NYSE Euronext owned browser-based, online trading platform allowing securities finance professionals to trade electronically in the securities lending market, today announced that BNP Paribas Securities Services will become a General Clearing Member (GCM) of its platform.
SecFinex was the first company to introduce centrally cleared services in the Securities Borrowing & Lending (SBL) industry in 2009 using LCH.Clearnet as the central clearer covering equity markets in Belgium, France, The Netherlands and Portugal. The service has since been extended to cover Austria, Denmark, Finland, Germany, Norway, Sweden and Switzerland, with SIX x-clear as the central clearer, with coverage of the UK market planned for 2011.
The expansion of the SecFinex central counterparty (“CCP”) service to include BNP Securities Services as a GCM will allow a wider range of firms to participate in securities lending transactions without the need for major infrastructural build. Participants will also benefit from a single entry portal to multiple supply and distribution points without the need for multiple participation agreements, reduction of capital allocation for counterparty credit risk, centralized daily mark to market, real time risk management and margining and full straight-through-processing.
Roland Bellegarde, Chairman of SecFinex Board, and Group Executive Vice President and Head of European Execution, NYSE Euronext said:
“Increased regulatory focus, attention to capital usage and cost as well as Basel III implications are some of the drivers that are starting to encourage a fundamental shift in the way securities lending develops.
Today’s exciting announcement with BNP Paribas Securities Services, a leading provider of GCM services, demonstrates SecFinex’s continuous commitment to providing participants with access to a centrally cleared market place for securities lending and to be at the forefront of market innovation.”
Alain Pochet, Head of clearing and custody services BNP Paribas Securities Services
“We are pleased to announce the addition of SecFinex to our service offering. y using their existing connections, our clients can now extend their use of our GCM services to trade on SecFinex and participate in the online global marketplace for securities lending.”
SecFinex is the online global marketplace for Securities Lending. SecFinex enables participants to agree stock loan trades efficiently and anonymously with each other on a price driven system. Traders can hit bids and lift offers on a click and done basis and view current market trading activity in a live screen-based trading environment. SecFinex offers such price transparency to Securities Lending traders. Through SecFinex electronic platforms, securities financing professionals can meet and execute trades in all major European, US and Japanese equity markets. A wide range of financial institutions currently participate in SecFinex, a cross-section of lenders, borrowers and intermediaries, including some of the major securities finance professionals in Europe. SecFinex Limited is Authorised and Regulated by the Financial Services Authority. For more information, please visit www.secfinex.com or email email@example.com
About NYSE Euronext
NYSE Euronext (NYX) is the world’s most diverse exchange group, offering a broad and growing array of financial products and services in Europe and the United States that include cash equities, futures, options, exchange-traded products, bonds, market data, and commercial technology solutions. With over 8,000 listed issues globally, NYSE Euronext’s equities markets -- the New York Stock Exchange, Euronext, NYSE Arca, and NYSE Amex -- represent nearly 40% of the world’s cash equities trading volume, the most liquidity of any global exchange group. NYSE Euronext also operates NYSE Liffe, the leading European derivatives business and the world’s second largest derivatives business by value of trading. NYSE Euronext offers comprehensive global commercial technology, connectivity, and market data products and services through its innovative trading solutions unit, NYSE Technologies. NYSE Euronext is part of the S&P 500 index and the only exchange operator in the S&P 100 index. For more information, please visit: www.nyx.com.
About BNP Paribas Securities Services
BNP Paribas Securities Services is a wholly-owned subsidiary of the BNP Paribas Group, delivering flexibility and commitment, backed by the strength of a leading universal bank. Operating across the investment cycle, we provide post-trade administration solutions to buy-side and sell-side financial institutions and issuers. The Bank has a local presence across 32 countries and global
coverage of over 100 markets, offering a one-stop shop for all asset classes, both onshore and offshore, across the globe.
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Provider : NYSE Euronext
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