The solution will combine Calypso’s front-to-back architecture with BNP Paribas’s existing post-trade servicing capabilities, and is intended to provide a multi-asset class operating model for investment bank clients.
Services will include confirmations, fee and commission management, profit and loss reporting, data management, accounting, regulatory reporting and asset servicing.
According to BNP Paribas, the new offering comes as a response to new regulatory requirements, and the pressure on its clients to upgrade legacy platforms. A single provider can help clients to more effectively manage costs and risk, allowing them to extend their product range without the costs associated with new development.
Alain Pochet, head of clearing and custody services at BNP Paribas Securities Services, said: “This partnership comes as new regulatory requirements and the need to upgrade mature technology platforms are increasing our clients’ operating costs and prompting them to outsource post-trade functions. This is a growing trend.”
He added: “With this new platform backed by Calypso our clients will benefit from a cutting-edge, market-led technology that is continuously enhanced to meet the changing needs of our clients.”
Pascal Xatart, CEO of Calypso, said: “This alliance reflects the seismic change that is taking place in the capital markets.”
“Improvements in software-as-a-service technology have given banks a legitimate alternative to the status quo, and the benefits of working with a back office utility provider are substantial—reduced costs, decreased IT support, and simplified operations. Solutions like this one are exactly what the market needs.”