BNP Paribas has been appointed to provide custody services for CME Clearing, the clearing division of CME Inc.
BNP Paribas is now a CME Clearing approved custodian for US Treasury and federal agency securities, through its New York affiliate branch.
The mandate means CME clearing members now have an additional option to diversify holdings of performance bond deposits, which are used for margin collateral, in a bid to improve operational efficiency.
Bruno Campenon, head of custody and clearing services for the Americas at BNP Paribas Securities Services, said: “We are delighted to add such a prestigious customer to our US client base. This is testament to the work we have been doing since launching custody in the US in 2012.”
Sunil Cutinho, president of CME Clearing, added: “We're pleased to welcome BNP Paribas as a custodian in the US. With the addition of BNP Paribas, CME Group provides greater diversity of custodians to our global clearing members and clients to support their collateral management needs at CME Clearing.”
Custody accounts are now open for clearing members of CME, and are available for collateral deposits.
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