BNP Paribas Securities Services (BNP Paribas) engaged with NZX on a new initiative for boosting offshore capital flows into NZX to further develop the New Zealand capital market.
NZX Chief Executive, Mark Peterson, announced that BNP Paribas is working towards becoming a General Clearing Participant which is expected to happen within the first half of 2021. One of the Exchange’s key strategic goals is supporting the long-term health of New Zealand’s capital markets eco-system.
Mark Peterson commented:
We see this as a hugely positive signal about the untapped potential in our markets. BNP Paribas is a high-quality clearer and custodian, with an unparalleled regional clearing footprint and global credentials, committing its innovation and expertise to New Zealand.
BNP Paribas will bring its Third Party Clearing (TPC) model to New Zealand and with it, its technical expertise and will further enhance operational efficiencies. This will open up optionality for direct members with a physical presence in New Zealand, as well as remote brokers to use TPC.
NZX Executive Director for Markets Development & Clearing, Benjamin Phillips said the endorsement is important for the development strategy of NZX and its success as it will attract global participation in the markets and expand capacity and development of more direct connectivity to offshore capital flows.
Phillips also stated that the collaboration will continue to drive liquidity to the New Zealand market eco-system.
Benjamin Phillips said:
In BNP Paribas, we have a participant with a genuine commitment to the ongoing development of New Zealand’s capital markets, now partnering with us to develop new models and processes to drive operational efficiencies and mutual benefits for the market, investors and issuers.
Doug Cameron, Head of Location for BNP Paribas Securities Services New Zealand, commented:
Doug Cameron Source: LinkedIn
We are leveraging the NZX’s platform to offer streamlined, efficient, cost-effective and high quality operations at a time of increasing global and regional infrastructure demands.
Experienced writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.