BNP Paribas Securities Services is set to launch a local custody service in the US to provide post-trade services to multi-national banks, brokers and institutional investors.
The new custody service will offer local clearing, settlement and custody of all major asset classes listed on NYSE Euronext and Nasdaq OMX, and connect directly to the US Depository Trust and Clearing Corporation.
“Extending our sub-custody capabilities to include the US means that we will become the local custodian for more than 90 per cent of our clients’ global assets,” said Patrick Colle, chief executive of BNP Paribas.
“Asset safety has never been as important to investors as it is today, and with our strength of balance sheet and now local capabilities in the US, we feel that we will offer investors a unique proposition,” added Colle.
Claudine Gallagher, regional manager of North America, BNP Paribas, said: “North America is a crucial market to investors whether on the buy or sell side, in Europe or Asia. Processing our first transactions as a local custodian in the US will be an important milestone in our commitment towards supporting US investors and an increasingly global client base.”
