Interactive Brokers Group (IBG) in Brazil has mandated BNP Paribas Securities Services for local custody, settlement and FX.
Securities firm IBG, based in Connecticut in the US, has more than $5.2 billion in equity capital. It conducts its broker-dealer and proprietary trading businesses in more than 100 markets worldwide, and has been active in Brazil since 2010.
The new mandate was awarded to BNP Paribas, following a competitive tender, in January on the basis of its strong client support offering and advanced custody and reporting systems, “which will bring operational efficiencies to IBG in the Brazilian market”, according to the bank.
It marks the extension of a long-standing relationship as BNP Paribas has been providing equity and listed derivatives post-trade services to IBG in the Italian market since 2003.
Brian Sussman, head of clearing operations of IBG said, “We are very pleased to extend our long-standing relationship with BNP Paribas to the Brazilian market. We were impressed with the sophistication of their operational set-up in the market and look forward to working with them to grow our franchise there.”
Nelson Fernandes, head of Brazil for BNP Paribas Securities Services, commented: “This is a landmark deal for us in Latin America. We are very pleased to have been mandated by such a significant player as IBG.”
