BNP Paribas announced in October that it is moving its global listed derivatives services onto a platform hosted by Fidessa as part of a long-term commitment to this line of business.
The bank said the move will centralize risk management, reduce costs and improve the services it provides to clients. The bank also said the platform’s open architecture allows customers to submit orders via several methods, including through single- and multi-dealer platforms and by voice.
"We needed a platform that could support the complex and varied needs of our clients all over the world," said Gael Pottiez, head of product development for derivatives execution and clearing at BNP Paribas. "It was also essential to partner with a firm that had proven capabilities in managing the technology infrastructure required to support a large-scale trading operation such as ours."
BNP Paribas is the latest in a number of major futures merchants that have outsourced their derivatives order and execution management to the British company. Other Fidessa customers include Citigroup, Nomura, RBS and Société Générale.
According to Fidessa, its platform provides BNP Paribas with market data and high speed access to more than 60 futures and options markets around the world. Fidessa's platform also provides BNP Paribas with specialized derivatives algorithms and advanced synthetic order types as well as analytics that allow traders to monitor orders in real time and adjust their trading algorithms on the fly.