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Market Passport

United States

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Market information

Supporting you

Key market information

  • Local currency

    US
    Dollar (USD)

  • 2017 GDP

    USD
    19,391bn

  • Time zone

    GMT
    -5 hours (ET)

  • Numbering
    system

    CUSIP

  • Main stock
    exchange index

    DJ/NASDAQ/S&P 500

Key market figures

Market capitalisation NYSE: USD 22,081bn
Nasdaq – US: USD 10,039bn
Number of listed companies NYSE: USD 2,286bn
Nasdaq – US: USD 2,949bn
2017 value of share trading USD 49,547bn
Number of ETFs listed NYSE: 1,498
Nasdaq – US: 337
2017 value of bonds trading n/a
Number of bonds listed n/a
Number of futures contracts traded in 2017 n/a
Number of options contracts traded in 2017 978.10m (NYSE Nasdaq BostonOptions Exchange)

Local market infrastructures

  Equities Corporate bonds Government bonds Derivatives US Options Derivatives futures
Trading NYSE,
NASDAQ
NYSE,
NASDAQ
Primary dealers AMEX, BOX, CBOE, ISE, NASDAQ, NYSE, PHLX CME Group
Clearing DTCC Bank of
New York
GSCC OCC CME Group
Settlement and custody DTCC DTCC FED n/a n/a
Cash leg DTCC DTCC FED n/a n/a

Local market authorities and regulators

  • The Securities and Exchange Commission (SEC), which protects investors, regulates markets and facilitates capital formation
  • The Federal Reserve (Fed), which regulates banks
  • The Financial Industry Regulatory Authority (FINRA), which regulates broker-dealers
  • Commodity Futures Trading Commission (CFTC) which guides futures and commodities trading

Market practices (ALL TIMES ARE LOCAL)

SECURITIES
Settlement cycles
Equities T+2
Bonds T+2
Cash T+0
Cut-off times
Equities Varies
Bonds Varies
Cash Varies
 
Omnibus account/securities Yes
Omnibus account/cash Yes
Pre-matching Yes
Irrevocable pre-matching Yes
Short selling Yes
Cash settlement/DVP Yes
Securities lending Yes
Foreign ownership limits Yes
Derivatives
OCC – Settlement Cash and physical
Trading cut-off 4.00pm
Clearing cut-off 7.00pm
Tradable currencies USD
Account structure members Segregated and omnibus
Account structure non-members Segregated and omnibus
Give-up No (CMTA)
Give-up cut-off n/a
Adjustable ITM (In The Money minimum) N: 0.01
Intra-day margin call Yes
Risk algorithm STANS
CME – Settlement Cash and physical
Trading cut-off Depends on individual products
Clearing cut-off 8.00pm
Tradable currencies USD and 17 others
Account structure members Segregated and omnibus
Account structure non-members Segregated and omnibus
Give-up Yes
Give-up cut-off T+5
Adjustable ITM (In The Money minimum) Yes
Intra-day margin call Yes
Risk algorithm SPAN
Tolerance limits

Trade settlement cash tolerance is USD 10.

Examples of market penalties

Treasury Market Practice Group (TMPG): For US Treasuries or Agency Debt where non-members of FICC are involved, or on any trades in Agency Mortgage-Backed Securities, the buyer can submit a claim to the seller. The recommended threshold is aggregated cumulative fails charges in amounts greater than USD 500, between the two counterparties for a given month.

Buy-in practice

SEC Regulation SHO: Under Rule 204, the participant must close out a fail to deliver for a short sale transaction on the settlement day following the settlement date (T+4). If the fail resulted from a long sale, or is attributable to bona-fide market making activities, the participant must close out the fail on the third settlement day following the settlement date (T+6).

BNP Paribas customers benefit from free access to more detailed market information on our NeoLink webportal. Click here to access the Market Profiles or contact your relationship manager.

Supporting you

BNP Paribas Securities Services in United States

Advanced technologies, dual-office operations and customised client services are among the elements that distinguish BNP Paribas within the US custody space. Additionally, a single system for local and global custody offers clients reduced fails, better cut-off times and more competitive pricing.

Our main services

Core

We offer local custody to domestic and foreign institutions. Our core services include settlement, safekeeping, corporate actions, proxy services, cash and collateral management.

Market-specific

  • Direct participant of DTC and FED for local custody
  • Collateral management services supporting OTC derivatives and reverse repo trading
  • Middle-office services
  • Securities lending across asset classes and currencies
  • Global custody access point
  • Corporate trust services
  • Asset and fund services for local and global portfolio management companies

What makes us different

  • Our dual-office approach provides clients with 16 hours of service coverage
  • Advanced custody platform ensuring over 98% STP rate in tra de settlement
  • Three operating models: traditional custody, broker-to-custody, account operator
  • Tax reporting expertise

Selected market recognition

  • Global Custodian Agent Banks in Major Markets Survey (2015-2017): ranked first
  • Global Custodian Innovation in Market Coverage (2017): winner
  • Global Investor Investment Excellence Awards (2018): Sub-Custody Survey Winner Multi-market Americas – United States

A sound partner

BNP Paribas has been present in the US since the late 1800s and offers a full range of services from investment and retail banking to asset management services. While the legal entity is BNP Paribas New York Branch, we operate within BNP Paribas Securities Services, which is a wholly-owned subsidiary of BNP Paribas Group.

Contact

For more information, please contact your relationship manager or
Wayne Finnegan Head of Sales and Relationship Management – North America
wayne.finnegan@us.bnpparibas.com

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