BNP Paribas SS launches US local custody operation

BNP Paribas Securities Services (BNPPSS), the Paris-based custody operation of BNP Paribas bank, is to launch a local custody service in the US.

The offering will comprise post-trade services aimed at multi-national banks, brokers and institutional investors.

Clearing, settlement and custody of all major asset classes listed on NYSE Euronext and Nasdaq OMX is part of the capability and the operation will connect directly to the US Depository Trust and Clearing Corporation.

Expanding its local custody network is central to the bank’s strategy to support its clients’ investment activities in the world’s largest financial centres, BNPPSS says.

The addition of the US reduces its reliance on external sub-custodians and significantly increases the amount of client assets held entirely within BNP Paribas. The bank says this has additional benefits in the current regulatory environment where “increasing emphasis is put on end-to-end operational control”.

“Extending our sub-custody capabilities to include the US means that we will become the local custodian for more than 90% of our clients’ global assets,” said Patrick Colle, chief executive of BNPPSS.

In February this year, Claudine Gallagher was appointed regional manager of North America. Growth plans include the anticipated launch of global custody in 2013.

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