French bank BNP Paribas Securities Services is the latest firm to become a central depository clearing member at the Singapore Exchange (SGX).
BNP Paribas Securities Services will use the designation to offer clearing services for stocks traded on SGX. The move opens the Singapore market to BNP Paribas Securities Services and supports the bank’s strategy of expanding its product suite in the region.
“We look forward to providing our innovative clearing services to market participants, while further promoting the Singapore market to our worldwide client base,” said Bruno Campenon, head of clearing, custody and settlement product management, Asia Pacific, BNP Paribas Securities Services. “This is a significant milestone for the bank, which continues to expand and solidify its presence in Asia, in particular as it reinforces the bank’s strong global client network and infrastructure.”
The addition of BNP Paribas Securities Services brings the total clearing members in the securities market to 27. The derivatives market has 42 trading members and 26 clearing members. SGX AsiaClear, the OTC derivatives clearing unit, has 11 Clearing Members for the clearing of OTC financial derivatives.