By Daniel Garcia, TCS Financial Solutions
In this interview, executives from the global custodian and securities services provider BNP Paribas Securities Services offer insights about their TCS BaNCS deployment and growth plans in the Americas.
Insights from Walt Palmer Director, U.S. Custody Operations; Yves Doucet, Managing Director and Head of Clearing & Custody Services, Americas; and Dean Galli Director, Custody Services, BNP Paribas
About BNP Paribas Securities Services and its business
BNP Paribas Securities Services is a wholly-owned subsidiary of the BNP Paribas Group and a leading global custodian and securities services provider. They provide integrated solutions to all participants in the investment cycle. Their products and services include clearing and custody, fund administration and middle office, securities lending, financing, etc. The organization has a direct presence in 34 countries and a network covering over 100 markets. They bring together local insight and global expertise to enable clients to maximize their market and investment opportunities worldwide.
Rationale for expansion in the U.S.
BNP Paribas Securities Services has a significant footprint in Europe and is a recognized leading brand name in financial services. They aim to support clients on their growth ambitions by accompanying them in the markets where they do business. As such, the U.S. market is a key buying center in achieving this ambition.
For clients who wish to access both the U.S. and global markets, BNP Paribas Securities Services has developed a full suite of solutions across the buy side and sell side to help them navigate the complexities of the financial and regulatory markets. In the U.S., these products and services are delivered through various subsidiaries and affiliates of BNP Paribas, further highlighting the diversity of their one-stop shop business model.
Role of TCS BaNCS
BNP Paribas has partnered with TCS for more than 10 years to bring greater efficiencies to clients. They use TCS BaNCS for many facets of securities services, such as trade processing, clearing and settlement, corporate actions processing, income processing, physical safe-keeping, position & collateral management and cash processing.
The BaNCS system, built on the latest technology that provides access to real-time processing and integration with external market infrastructures, has made it really efficient to do business with brokers, depositories, custodians, other counterparties.
Future growth aspirations across North America and Latin America
Initially, BNP Paribas developed custody and clearing services in the Americas in response to client demand, where the strategy at the time was to accompany them in their expansion efforts. Then they started the local custody activity for internal clients. The company is now quickly expanding services with direct clients from Europe and the U.S. for both local and global custody. They are also providing additional value-added services for U.S. fund managers and will soon welcome their first Latin American clients.