BNP Paribas Securities Services has joined the Singapore Exchange as a new CDP clearing member in what it called “a significant milestone for the bank” in its Asia expansion.
“One of the benefits of this deal is that it brings a wider choice of clearing and settlement services to the marketplace, supporting SGX’s position as the Asian Gateway”, said a release from BNP.
“This new appointment allows BNP Paribas Securities Services to extend its award winning clearing services to the Singapore market. It also supports the bank’s stated strategy to expand its product suite in Asia Pacific and demonstrates its commitment to the region.”
Bruno Campenon, head of Clearing, Custody and Settlement Product Management in Asia Pacific at BNP Paribas Securities Services SCA said: “We look forward to providing our innovative clearing services to market participants, while further promoting the Singapore market to our worldwide client base.”
There are now 27 clearing members in the securities market. The derivatives market has 42 trading members and 26 clearing members, and SGX AsiaClear, the OTC derivatives clearing unit, has 11 members for the clearing of OTC financial derivatives.
