NYSE Euronext-owned browser-based online trading platform, SecFinex, has selected BNP Paribas Securities Services as its General Clearing Member (GCM), Mondovisione reports. The move will allow a wider range of firms to participate in securities lending transactions without the need for major infrastructural build.
The move will let participants benefit from a single entry portal to multiple supply and distribution points without the need for multiple participation agreements, reduction of capital allocation for counterparty credit risk, centralized daily mark to market, real time risk management and margining and full straight-through-processing. SecFinex plans to introduce its centrally cleared services in the securities borrowing and lending industry to the U.K. market in 2011.
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