BNP Paribas Securities Services says it has launched clearing, settlement and custody services for clients trading euro cash liquidity through the €GCPlus service. €GCPlus was initially developed by Banque de France, working in tandem with LCH.Clearnet SA and Euroclear.
Jean-Marc Baudot, head of clearing, custody and settlement products (Belgium, France, Netherlands, Portugal) at BNP Paribas Securities Services, said: “Our clients are looking for ways to manage collateral efficiently, move it quickly and address their funding needs. €GCPlus is one of the products that help them do that. Consequently, we have devised a range of services designed to handle the various operational processes linked to trading €GCPlus. This offer will complement our existing clearing, settlement, custody and financing solutions.”
Cyril Louchtchay de Fleurian, head of collateral management and securities financing products at Euroclear, said: “As a financial market infrastructure, Euroclear is dedicated to providing services that reduce risk and improve market efficiency. Since launching €GCPlus in 2014, clients have benefitted from easy access to the tri-party repo process, with a reduced operational burden. Offering €GCPlus through BNP Paribas Securities Services is another step in developing this market solution.”
Michael Carignano, head of fixed income, LCH.Clearnet SA, said: “An increasing number of market participants are looking to gain access to central clearing so they can benefit from greater operational and capital efficiencies. In 2015, we’ve seen a marked uptick in cleared volumes through €GCPlus.”