The Spanish public treasury (Tesoro PÃºblico) has appointed BNP Paribas Securities Services to provide custody and collateral management for OTC derivatives.
The Tesoro Público is responsible for the design and implementation of the funding strategy of the Spanish Central Government.
Ignacio Fernandez-Palomero, head of the debt division at Tesoro Público said: “The new platform has given us the base to enhance our collateral activities, with the safety and security of BNP Paribas Securities Services’ custody services. We also appreciated the team’s expertise, both on a technical and regulatory level. The fact that they had a deep knowledge of both collateral management and custody under one roof was a key factor in our decision.”
Through the collateral management platform, the treasury will benefit from multi-jurisdictional booking of collateral across more than ten locations. The platform can either be integrated into existing client systems, or provided as part of BNP Paribas's full suite of services for OTC derivatives including trade management, independent valuations and collateral management.
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