BNP Paribas Securities Services today announced that it has successfully processed and settled Chi-X trades in the Netherlands and Germany on behalf of its first client acting as a Chi-X trading participant.
In April 2007, BNP Paribas Securities Services was approved as a 'general clearing participant' for Instinet Chi-X Limited's new pan-European equity alternative trading system (ATS). EMCF NV (Fortis) acts as the central counterpart covering several European markets, including Netherlands (AEX 25) and Germany (DAX 30). End of June 2007, BNP Paribas Securities Services will start clearing UK stocks according to EMCF NV planning.
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.
Patrick Colle, Head of Product - Clearing, Settlement and Custody at BNP Paribas Securities Services, commented: "The launch of the activity has been very smooth and it has already positioned us as a leading provider of clearing services in relation with the new multi-trading venues that will spring up with the implementation of MiFID." He added: "We aim to provide the same level of quality and efficiency for any future MTF implementation, helping our clients overcome the new regulatory and operational challenges post-MiFID, but also enabling them to take advantage of the new trading opportunities that will result from it."