BNP Paribas Securities Services ('BNP Paribas') today announces the successful completion of end-to-end testing with Turquoise, the Multilateral Trading Facility (MTF).
When Turquoise is launched on 15 August 2008, BNP Paribas will offer clients full post-trade support through its status as a General Clearing Member (GCM) on European Central Counterparty Ltd (EuroCCP) - Turquoise's Central Counterparty (CCP).
Through their local clearing and custody franchises which give them unrivalled expertise, BNP Paribas will provide operational support in all the markets which will be covered by Turquoise. This is not new territory for BNP Paribas, having successfully enabled 14 clients to go live on Chi-X Europe Ltd (Chi-X) by providing post-trade support and acting as their GCM on European Multilateral Clearing Facility NV (EMCF) - Chi-X's CCP.
Through a single connection, BNP Paribas' broker dealer client base can use their GCM services on all the main European exchanges as well as the new MTFs. BNP Paribas' clients also benefit from the same unique operational model for all existing and future CCPs. In addition, to protect their clients from the increase in margin calls arising from the additional MTFs, BNP Paribas has developed centralized margin call and collateral optimization solutions.
These services form part of BNP Paribas Securities Services' ClearSuiteSM integrated clearing solution which was launched in September 2007. ClearSuite provides innovative execution and post-trade solutions to BNP Paribas' broker dealer client base.