Banco Popolare di Verona (BPV) is to be the first Italian bank user for Goldman Sachs' PrimeAccess order execution service. The US investment bank has also reached an agreement with TAS Tecnologia Avanzata dei Sistemi (TAS) to provide order transmission and management services between PrimeAccess and retail brokers and banks in Italy.
BPV is to use PrimeAccess to provide customers with online access to the major equity markets on a real time basis. Goldman Sachs launched the platform in Europe in September with the aim of providing electronic international equity execution, custody, clearing and settlement services to online banks and brokerages.
Order routing between PrimeAccess and the Italian financial community will be delivered courtesy of TAS, which is used by more than 200 Italian banks and financial institutions to trade securities.
Wiet Pot, co-chief operating officer, equities at Goldman Sachs says: "There is a strong demand in Italy for a cost effective service that can combine execution, settlement and custody in international equities. The new service will benefit online brokers and their customers but also our institutional clients and partners with a strong retail customer base."