– BNP Paribas Securities Services today announced that it has been approved as a ‘general clearing participant' for Chi-X, Instinet Chi-X Limited's new pan-European equity alternative trading system (ATS).
Chi-X has been in live beta production since November 2006, and today announced that it has successfully begun trading, clearing and settling the component stocks of the AEX 25 (Dutch) and DAX 30 (German) indices. BNP Paribas Securities Services' ‘general clearing membership' for Chi-X will cover several European markets, starting with Netherlands, Germany and the United Kingdom.
With ‘general clearing memberships' in most of the European markets, both new and traditional, BNP Paribas Securities Services continues to leverage its unique expertise that provides worldwide broker-dealers with a comprehensive range of clearing and settlement related services.
Commenting on this participation, Patrick Colle, Head of Product - Clearing, Settlement and Custody at BNP Paribas Securities Services, said: “It was a natural move for us to be involved in Chi-X, one of the first European ATSs. It is a sign of our commitment to be the leading provider of clearing services in relation with the new multi-trading venues that will spring up with the implementation of MiFID.” He added: “It will strongly reinforce the range of services we offer to our clients with a view to not only help them overcome the new regulatory and operational challenges post-MiFID, but also enable them to take advantage of the new trading opportunities that will result from it.”
“We are delighted to welcome BNP Paribas Securities Services, one of Europe's premier providers of securities services,” added Peter Randall, Director, Instinet Chi-X Limited. “By commencing this relationship at this time, we allow clients to put in place best execution policies in advance of the November MiFID deadline, hopefully achieving today the benefits to speed, cost and liquidity promised by these new regulations.”NOTES TO EDITORSBNP Paribas Securities Services
BNP Paribas Securities Services is a leading securities services provider to the world's financial institutions, with a local presence in all key European markets as well as in the US and Australasia. With 4,400 dedicated staff in 18 countries, BNP Paribas Securities Services has over 700 clients, including 8 of the world's top 10 investment managers, and a global custody network covering 90 markets. It holds over EUR 3.6 trillion of assets under custody (Dec 2006) and EUR 623 billion of assets under administration for 4,675 funds worldwide. The bank also provides performance, attribution and risk-management analysis for 2,900 investment portfolios, and in 2006 processed over 32 million securities transactions
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