BNP Paribas to utilise €GCPlus
22 January 2016 Paris
Image: Shutterstock
BNP Paribas Securities Services now offers clearing, settlement and custody services for clients trading euro cash liquidity through LCH. Clearnet’s €GCPlus product.
€GCPlus was developed in collaboration with Banque de France and Euroclear and offers a centrally cleared triparty repo secured financing market.
Participants can secure euro cash lending with standardised baskets of collateral, to re-use eligible collateral received either with the Banque de France or with any of the collateral takers.
BNP Paribas Securities Services will acti as sole General Clearing Member (GCM) on €GCPlus service will handle the legal relationship with LCH.Clearnet SA, post required default fund contributions and pre-fund margin call payments on behalf of its clients.
Clients will also benefit from BNP Paribas Securities Services’ clearing and settlement systems and avoid some of the implementation costs linked to new clearing regulations.
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.”
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.”
€GCPlus was developed in collaboration with Banque de France and Euroclear and offers a centrally cleared triparty repo secured financing market.
Participants can secure euro cash lending with standardised baskets of collateral, to re-use eligible collateral received either with the Banque de France or with any of the collateral takers.
BNP Paribas Securities Services will acti as sole General Clearing Member (GCM) on €GCPlus service will handle the legal relationship with LCH.Clearnet SA, post required default fund contributions and pre-fund margin call payments on behalf of its clients.
Clients will also benefit from BNP Paribas Securities Services’ clearing and settlement systems and avoid some of the implementation costs linked to new clearing regulations.
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.”
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.”
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