HSBC Securities Services has launched third-party clearing services in Japan, enabling local and cross-border broker dealers to outsource their securities back-office operations to HSBC.
The new service sees HSBC honing in on back office outsourcing opportunities presented by one of Asia's largest unrestricted markets, which has a market capitalisation of over US$3.5 trillion, according to data from the Tokyo Stock Exchange at the end of December 2011. The new service aims to meet broker dealers’ demand for greater operational efficiency and reduced costs amidst decreasing daily average turnover in Japan's capital markets.
“This new service has further strengthened HSBC Japan’s position as a one-stop solution provider for securities services in Japan and will enable us to provide an integrated offering to both local and international broker dealers,” said Rajesh Atal, head of HSBC Securities Services, Japan, The Hong Kong and Shanghai Banking Corporation, Tokyo Branch.
The new service builds on HSBC Securities Services’ existing sub-custody services in Japan. “The launch of our third-party clearing service in Japan demonstrates our commitment to further broaden our service offering to the broker dealer community and reinforces our determination to become the broker outsourcing provider of choice in Asia,” said Nico Torchetti, head of product development, sub-custody and clearing, HSBC Securities Services.
HSBC currently offers third-partly clearing in 10 other markets, namely Australia, Hong Kong, India, Singapore, Thailand, the United Arab Emirates, Mexico, Cyprus, Greece and the UK.
Reporting by: Janet Du Chenne, Global Custodian, an Asset International publication