Cortal - subsidiary of BNP Paribas, specializing in investment and savings products for private investors - is teaming up with BNP Paribas Brokerage Services, BNP Paribas' North-American brokerage arm, to implement a completely integrated electronic stock exchange order-execution system for Cortal's European customers trading on the US markets. The settlement and delivery, as well as custody of the shares will be provided by BNP Paribas Brokerage Services, which will ensure a centralised control over the quality and rapidity of order-execution.
Thanks to the joint efforts of Cortal and BNP Paribas Brokerage Services' information technology teams, an interface of Cortal's European customers' order-taking systems and BNP Paribas Brokerage Services' order-routing system has been implemented.
Olivier Le Grand, Cortal Chairman of the Management Board, says "this agreement lets Cortal benefit from an excellent execution service for our customers' US orders." Thomas Mahoney, BNP Paribas Brokerage Services CEO, adds "our corporate culture is characterised by a constant concern for responsiveness towards our clients, including those from within the group. As an aggregator of large volume trades, Cortal is a typical client who can benefit from Brokerage Services' abilities."
The mission of Cortal is to help European individuals build and manage their savings. Customers are given access to services covering all mutual funds and principle stock markets. A subsidiary of BNP Paribas, Cortal counted 607,000 Clients in Europe at the end of December 2000, and is locally implanted in France, in Belgium, in Luxembourg, in Spain and in Italy.
BNP Paribas Brokerage Services Inc., has consistently ranked among the top 15 brokerage firms in terms of volume processed on the Nyse. Brokerage Services is a US registered broker/dealer and futures commission merchant and is a member of all major US securities and derivatives exchanges and clearing organisations.