BNP Paribas Securities Services announced today that it is now a direct securities participant to the Federal Reserve through FedLine, the Federal Reserve’s online financial services information and payment service.
This completes the bank’s direct connectivity to the US market on all securities instruments.
This development is part of BNP Paribas Securities Services’ continuous improvement of its local custody offering in the US, facilitating its clients’ setup and growth in the local fixed income securities market.
BNP Paribas Securities Services’ clients now benefit from improved settlement turnaround and reporting, as well as first-hand pre-qualified information on income events. Direct connectivity also facilitates and protects clients’ securities margin and collateral movements.
BNP Paribas Securities Services uses Torstone Technology’s flagship post-trade securities and derivatives processing system, Inferno, to connect to the Federal Reserve. The Inferno platform provides BNP Paribas with the full operational support needed to obtain direct access to FedLine as a local custodian of Federal Reserve-issued securities.
Bruno Campenon, Head of custody & clearing services Americas at BNP Paribas Securities Services, said: “This demonstrates once again our commitment to the US market and will benefit all our client segments. Torstone’s Inferno technology provides us with fast and agile connectivity to the Federal Reserve.”
Commenting on the announcement, Brian Collings, CEO, Torstone Technology, said: ”We are pleased to be able to offer FedLine reporting connectivity to BNP Paribas, helping them to enhance their corporate action and settlement activities.”