Yesterday AXES, an electronic agency brokerage firm, announced that it has appointed BNP Paribas Securities Corp. to replace Société Générale Securities Service as its strategic partner to perform clearing, settlement and custody services on a global basis.
"The global cross-border market for securities trades has grown significantly over the past 15 years, and this trend is set to continue," comments Robert Farley, managing director, BNP Paribas. "BNP Paribas" global clearing and custody networks will enable AXES to capitalise on this market opportunity and expand further the potential market for cross-border trading." According to Peter Gaffney, president of AXES, this market is currently overcharged and under-serviced. Aided by the partnership with BNP Paribas, "AXES is changing this situation," he says.
BNP Paribas' position as the global provider of post-execution services to AXES complements AXES' Global Execution Management System (GEMS) for electronic order entry, routing, execution and settlement tracking that standardises and automates the cross-border trade lifecycle.