HSBC Securities Services has launched its agency clearing service in Australia, which will enable the country's broker-dealers to outsource their back-office securities operations to the bank.
Under the new offering, HSBC will act on behalf of broker-dealer clients in the clearing and settlement of trades executed on the Australian Securities Exchange, but broker-dealers will continue to handle trade execution, affirmation and confirmation. HSBC said the service would allow broker-dealers to rationalise operating costs and focus on core competencies such as research, trading and investor servicing.
“This new service further strengthens HSBC's position as a one-stop solution provider for securities services in Australia. Broker-dealers will be able to structure their business models in a more flexible way,” said Andrew Bastow, head of HSBC Securities Services, Australia.
HSBC is a global provider of sub-custody and clearing services, operating in 40
markets in Asia-Pacific, the Middle East, Europe and Latin America. It has been a leading sub-custodian in Australia for foreign clients investing in Australia since 1991.
HSBC's agency clearing service is already offered to clients in Greece, Hong Kong, India, Mexico, United Arab Emirates and the United Kingdom.
HSBC Securities Services provides fund administration, custody and related securities services to around 2,000 clients globally. Its global assets under custody were US$5.6 trillion and global assets under administration are US$2.5 trillion as at 31 December 2010.