Institutional block trading specialist Liquidnet will start outsourcing back-office services in its Asia Pacific business to BNP Paribas Securities Services (BNPP SS) this month to increase its efficiency.
The partnership with BNPP SS will provide Liquidnet with a suite of back office services, including third-party clearing, settlement and record keeping.
BNPP SS will handle all of Liquidnet’s post-trade activity in Hong Kong and provide US broker dealer services via its prime brokerage subsidiary.
Andrew Walton, chief operating officer at Liquidnet Asia Pacific, said, “Through [BNPP SS’s] offering, we are able to further improve operational efficiency and provide a smooth flow of post-trade processes and reporting to our clients in Asia under US regulations.
“Liquidnet, with the help of BNP Paribas Securities Services, will be able to focus on our core business, which is connecting global investment managers to source block size liquidity opportunities across markets and continents.”
BNPP SS said it will help Liquidnet to build scale and sustainability globally and that it is seeing increased demand in Hong Kong and Singapore for post trade service support.