BNP Paribas Securities Services has enhanced its FX platform ‘FOX' and now offers clients passive FX hedging. Based on simple rules (net asset valuation of the portfolio, deal size and portfolio hedging cycle), the new system is able to evaluate hedging needs linked to an investment and to process automatically forwards and swaps.
BNP Paribas Securities Services now also offers 24 hour FX coverage including additional autoFX batches via its European, Sydney and New-York desks. It captures client FX orders on trade date, rather than the next day, hence minimising their exposure to FX volatility.
Florence Bonnevay, head of market and financing services, BNP Paribas Securities Services comments, 'In today's challenging environment, clients are under increasing pressure to manage costs more effectively and minimise operational risk by automating processes. Our new offer allows institutional clients to benefit from the comfort of having a comprehensive automated service that manages FX risk exposure on portfolios invested in currencies'.
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.
With USD 5453 billion assets under custody, USD 920 billion assets under administration and over 6,000 funds administered*, BNP Paribas Securities Services is Europe's leading securities services provider and number 5 worldwide.
* as at 30 June 2010
About BNP Paribas
BNP Paribas (www.bnpparibas.com) is one of the six strongest banks in the world* and the largest bank in the eurozone by deposits. With a presence in more than 80 countries and more than 200,000 employees, including 160,000 in Europe, BNP Paribas is a leading European provider of financial services on a worldwide scale. It ranks highly in its three core activities: Retail Banking, Investment Solutions and Corporate & Investment Banking. In Retail Banking, the Group has four domestic markets: Belgium, France, Italy and Luxembourg. BNP Paribas is rolling out its integrated model across the Europe-Mediterranean zone and boasts a large network in the United States. BNP Paribas Personal Finance is the leader in consumer lending in Europe. In its Corporate & Investment Banking and Investment Solutions activities, BNP Paribas also enjoys top positions in Europe and solid and fast-growing businesses in Asia.
* Rated AA by Standard & Poor's i.e. 3rd rating level on a scale of 22.