BNP Paribas CIB Signs 10 Year Agreement for FIS’ Cleared Derivatives Technology Platform
1 July 2021
BNP Paribas, one of the world’s largest banks, is confirming its partnership in post-trade derivatives clearing technology with financial solutions leader FIS® (NYSE: FIS).
The bank is working with FIS to transition to the new leading-edge technology of FIS’ Cleared Derivatives Suite. The FIS platform centralizes all main post-trade workflows onto a single, unified global system.
FIS’ Cleared Derivatives Suite will manage the full post-trade derivatives lifecycle for the bank including reconciliations and post-trade processing requirements. By securing an evolution to the new FIS platform, BNP Paribas expects to benefit from significant operational efficiencies, enhanced reactivity and reduced risk, ultimately delivering better service to its clients.
“The derivatives clearing industry is facing a perfect storm of challenges, stemming from increasing operational costs and regulatory changes, which is leading to pressure on margins. At the same time recent market volatility and high volumes periods have only accelerated the need for modernization,” said Nasser Khodri, President of Capital Markets, at FIS.
“Forward-looking organizations like BNP Paribas are transforming their post-trade derivatives processing operations with modern, flexible technology, and we are delighted that BNP Paribas has chosen to join the community of firms using our next generation Cleared Derivatives Suite to support its continued growth.”
“The 2020 volume peak further confirmed our strategy to invest for the long term in robust technological and operational capabilities”, said Gaspard Bonin, Deputy Head of Derivatives Execution & Clearing at BNP Paribas. “FIS has been a trusted and reliable partner for many years, and we are today excited to expand our partnership by taking advantage of the extended technological and functional capabilities of the FIS Cleared Derivatives Suite. This 10 year agreement is, for our clients and market partners, a clear testament of BNP Paribas’ long-term commitment to providing the best of service and to invest in new technology.”
BNP Paribas is a leading bank in Europe with an international reach. It operates in 68 countries and has more than 193,000 employees, including nearly 148,000 in Europe. The Group has key positions in its three main activities: Domestic Markets and International Financial Services (whose retail-banking networks and financial services are covered by Retail Banking & Services) and Corporate & Institutional Banking, which serves two client franchises: corporate clients and institutional investors. The Group helps all its clients (individuals, community associations, entrepreneurs, SMEs, corporates and institutional clients) to realise their projects through solutions spanning financing, investment, savings and protection insurance. In Europe, the Group has four domestic markets (Belgium, France, Italy and Luxembourg) and BNP Paribas Personal Finance is the European leader in consumer lending. BNP Paribas is rolling out its integrated retail-banking model in Mediterranean countries, in Turkey, in Eastern Europe and a large network in the western part of the United States. In its Corporate & Institutional Banking and International Financial Services activities, BNP Paribas also enjoys top positions in Europe, a strong presence in the Americas as well as a solid and fast-growing business in Asia-Pacific.
