BNP Paribas makes collateral services appointment

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BNP Paribas Securities Services has announced the appointment of Alexandra Ricciardi in New York as head of product development for collateral services, North America.

This newly created position extends BNP Paribas’ established European collateral franchise to North America, enabling USA and Canada based clients to access the bank’s services locally. They will benefit from BNP Paribas’ experience with its successful franchise in Europe, where its long standing collateral service was enhanced with the launch of the ‘Collateral Access’ suite of products in June 2013. The bank’s clients in Europe and the Asia Pacific will also be able to access the service in North America once the launch is complete.

Mrs. Ricciardi has been hired to oversee the expansion locally in the USA and adapt the product to the nuances of the American market. The launch, expected in Q2 of this year, represents another step in BNP Paribas Securities Services’ investment in its USA location, in order to provide a complete suite of services for its clients globally, including the launch of global custody also expected later this year.

Mrs. Ricciardi has nearly 15 years’ experience working in financial services including sales and relationship management for collateral management, most recently at JP Morgan.

Commenting on the appointment, Claudine Gallagher, head of North America, BNP Paribas Securities Services, said, ‘BNP Paribas has a very strong collateral management offering in Europe, where we are known for our focus on client service and asset safety. Launching this service in the US is an exciting part of our ongoing expansion here, and we are very pleased to bring Alexandra on board, her expertise and energy will help us bring the best product offering to our clients'.

Hélène Virello, Head of collateral management at BNP Paribas Securities Services, added: 'We have seen increasing demand from clients to support them with a solution through the entire transaction process - from trade capture to reporting, including liquidity solutions. Collateral Access allows our clients to be fully compliant with new regulations through limited investments and within a short timeframe. We work with an open model, interfaced with multiple counterparties, clearers, custodians and market infrastructures. It has been carefully designed to address the challenges facing the industry in the years to come. Collateral Access comprises a set of modules available on a standalone basis or together with BNP Paribas Securities Services’ existing products'.

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