BNP Paribas Securities Services has won The Banker’s Innovation in Clearing and Settlement Technology award for 2011.
We were selected for our successful implementation of the Third Party Clearing (TPC) project in Hong Kong - the largest TPC project to date in the Asia-Pacific region.
According to The Banker, the project attracted acclaim because of the “cross-disciplinary approach” that combined adapting our innovative modular platform to a complex local regulatory environment while lending our expertise as a leading global clearer across more than 20 markets in Asia and Europe to guide local regulators towards a legal framework sanctioning TPC.
The objective of this project is to give our clients access to one of the most sophisticated technical platforms and comprehensive trading and clearing solutions available in the market in Asia. This will reduce clients' risk along the entire clearing and settlement process, and achieve greater efficiencies in their equity trading operations.
Barnaby Nelson, head of Asian client development for banks, broker dealers and corporate issuers at BNP Paribas Securities Services said: “The success of our Hong Kong project was entirely due to the fact that we were able to leverage on our experience in Europe to provide specific solutions to the Asian markets.”
In March this year, BNP Paribas Securities Services became the largest General Clearing Participant on the Hong Kong Stock Exchange (HKSE), clearing over 5% of the value of the HKSE's daily turnover.
The Banker’s prestigious technology innovation award has been an annual event since 2003, and bestows honors on the most innovative projects of the world’s top financial institutions.