Squawker appoints BNP Paribas as settlement provider

Source: Squawker

BNP Paribas Securities Services (BNP Paribas), today announced it has been selected by Squawker®, the negotiation venue for pan-European, sell-side block trading, as its pan-European central settlement provider.

With final testing complete, BNP Paribas, Europe's largest clearing firm, with an unrivalled direct membership of 15 European Central Securities Depositories and a local branch in 25 markets within its proprietary network, will act as the central settlement provider for all trades executed on Squawker from day one of its staggered go-live, which will take place throughout the month of April.

Christopher Gregory, CEO and co-founder, Squawker, comments: "The last remaining pieces to Squawker's pan-European launch are now slotting into place. We are currently looking to on-board around 100 sell-side firms in this initial phased go-live. As Europe's largest and most robust clearing firm, BNP Paribas was the obvious choice of central settlement provider for Squawker."

Underpinned by a fully disclosed, tripartite agreement with BNP Paribas, all trades on Squawker will be settled directly between the counterparties and BNP Paribas. Settlements will be performed by BNP Paribas as post-trade provider. BNP Paribas will also pre-match settlement instructions, as far as the relevant market procedures allow, and settle with the counterparties on a 'Delivery-Versus-Payment' basis.

James McAleenan, Head of UK BNP Paribas Securities Services, says: "This new mandate confirms BNP Paribas's expansion in the broker dealer and banks segment and demonstrates our commitment to this market, across Europe and to the UK. Working with clients such as Squawker also highlights our appetite for innovation and our ability to adapt quickly to the fast-paced and evolving environment."

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