Deutsche Bank’s transition of prime and electronic equities clients to BNP Paribas moves forward after both banks receive approval for the deal.
Deutsche Bank is transitioning its prime brokerage and electronic equities clients to BNP Paribas as part of a major restructure.
The fine for BNP Paribas was related to failures around the AML system to identify suspicious penny stock trades and wire transfers over a four-year period.
The two firms agreed on a deal in principle in July as part of the German bank’s major restructuring and a complete withdrawal from equities trading,
Panel of major banks at TradeTech FX agree the sell-side have changed the mentality around new product development, as the buy-side seeks increased automation and integration.
BNP Paribas takes a leaf out of Silicon Valley’s book with a Siri-style digital trading assistant, which is launching alongside real-time market analytics and interactive algorithms as part of major upgrade to the bank’s Cortex FX trading platform.
Jes Staley said Barclays has gained roughly $20 billion from Deutsche Bank as it targets growth of prime brokerage business.
Deutsche Bank hopes the transition will close by end of this year, but BNP Paribas has said it will likely be completed in its entirety by summer next year.
German institution details €3.1 billion net loss in Q2 2019 following initiation of dramatic restructuring plan.
Global custodians are increasingly seeking to evolve their business models, which have traditionally centred on the back-office, to include front-office services.