BNP Paribas has consolidated its listed derivatives trading to Fidessa’s order and execution management system.
Through the platform, Fidessa will manage complex workflow requirements for the French bank’s futures and options trading operations across Europe, North America and Asia Pacific.
BNP Paribas will also leverage Finesse’s derivatives algorithms, including benchmark algorithms and advanced synthetic order types.
Raphael Masgnaux, global co-head of prime solutions & financing and G10 rates at BNP Paribas, says consolidated trading activities onto outsourced platforms will allow banks to continue servicing the listed derivatives and centrally cleared market.
“If you look across derivatives markets, the trend is towards more listing of products on exchanges and increased centralised clearing, and yet there are fewer global banks around today which can provide the full range of services,” says Masgnaux.
“We’ve invested in the best available platform which should bring immediate improvements for our clients and important future-proofing. It will also reduce costs for BNP Paribas and boost productivity, and we’re pleased to be working with Fidessa which has a long history of success and reliability in this business.”
According to Kieron Smith, global head of derivatives execution and clearing at BNP Paribas, the partnership with Fidessa will enable it to offer wider trading services in listed derivatives, including swap futures.
“We’re definitely monitoring this [swap futures] very closely and plan to offer the access to swap futures,” says Smith.
“It is an interesting product that has a lot of potential to grow. Overall, the jury is still out on whether the market will settle on swap futures or cleared swaps – but we intend to offer both.”