BNP Paribas captures CME Clearing custody business
BNP Paribas Securities Services is to begin providing custody services to US central counterparty CME Clearing.
The move means the French bank’s New York branch is now one of CME Clearing’s approved custodians for US Treasury and federal agency securities.
CME clearing members now have an additional option to diversify their holdings of performance bond deposits, which are used for margin collateral.
Bruno Campenon, Americas head of custody and clearing services for BNP Paribas Securities Services, said the mandate is testament to the work the firm has been doing since launching custody in the US.
BNP Paribas launched local custody in the States in 2012 to provide post trade services to international banks, brokers and institutional investors.
Sunil Cutinho, president, CME Clearing, added: “With the addition of BNP Paribas, CME Group provides greater diversity of custodians to our global clearing members and clients to support their collateral management needs at CME Clearing.”
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