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:
Mark Peterson
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.
