Alexandra Ricciardi has been hired by BNP Paribas Securities Services (BNPP SS) to extend the global custodian’s collateral management services to the US and Canadian markets.
BNPP SS unveiled its Collateral Access suite of products in Europe in June 2013 and the scheduled Q2 2014 North America launch is part of a strategy to provide a complete suite of services to clients globally, the bank said. BNPP SS clients in Europe and the Asia Pacific will also be able to access the collateral service in North America once the launch is complete.
In the newly created position of head of product development for collateral services, North America, Ricciardi will oversee the expansion and adapt the product to local client needs and regulatory requirements. Ricciardi has held a number of sales and relationship management roles for collateral management, most recently at JP Morgan.
“Launching this service in the US is an exciting part of our ongoing expansion here, and we are very pleased to bring Alexandra on board, her expertise and energy will help us bring the best product offering to our clients,” Claudine Gallagher, head of North America, BNPP SS, said.
Hélène Virello, BNP SS’s head of collateral management, said clients increasingly wanted solutions that can provide support across the entire transaction process. “Collateral Access allows our clients to be fully compliant with new regulations through limited investments and within a short timeframe. We work with an open model, interfaced with multiple counterparties, clearers, custodians and market infrastructures. It has been carefully designed to address the challenges facing the industry in the years to come.”
BNPP SS’s Collateral Access service is designed to offer tailored solutions to buy- and sell-side firms to optimise and manage collateral resources across cleared and non-cleared instruments, in response to growing collateralisation of financial markets via post-crisis regulatory reforms, particularly OTC derivatives.