BNP Paribas goes live on SGX with FIXML for clearing and ISO20022 for settlement using SWIFT as a single communication channel
SINGAPORE, Nov. 1, 2017 /PRNewswire/ -- SWIFT announces today that BNP Paribas Securities Services went live with FIXML and ISO 20022 traffic on SWIFT for domestic clearing and settlement on SGX.
BNP Paribas Securities Services now connects directly to SGX' new post trade system through SWIFT's Alliance Messaging Hub. This enables the bank to use a single channel for domestic and cross-border messaging, enhancing its straight-through-processing capabilities and increasing operational efficiency.
Siraz Mouhamadmoussa, Head of Clearing and Custody Services, BNP Paribas Securities Services Singapore, said : "Working with SWIFT provides us with direct connectivity to SGX's new post trade infrastructure, enabling us to enhance straight-through-processing for our clients in the country. We are delighted to participate in this latest initiative by the SGX and to contribute to greater market efficiency in Singapore. This is part of our ambition to provide our clients with integrated solutions that enable them to connect seamlessly to market infrastructures around the world."
Nico Torchetti, SGX Head of Market Services, Equities & Fixed Income, said: "We are delighted that BNP Paribas Securities Services successfully launched their third-party clearing business using SGX's ISO standards-based APIs and SWIFTNET. SGX post-trade modernisation initiative greatly enhanced business efficiencies and operational flexibility. Members have the choice to decide how they structure and operate their securities trading and clearing business, the flexibility of using proprietary or vendor-based back-office systems, and to connect to SGX using their preferred network."
Eddie Haddad, Managing Director, Asia Pacific, SWIFT said: "We are delighted to have contributed to the successful migration of BNP Paribas Securities Services. SWIFT remains committed to serve its members in their connectivity needs to domestic infrastructures across the world with the most reliable and efficient network".
SWIFT is a global member-owned cooperative and the world's leading provider of secure financial messaging services. We provide our community with a platform for messaging, standards for communicating and we offer products and services to facilitate access and integration; identification, analysis and financial crime compliance. Our messaging platform, products and services connect more than 11,000 banking and securities organisations, market infrastructures and corporate customers in more than 200 countries and territories, enabling them to communicate securely and exchange standardised financial messages in a reliable way. As their trusted provider, we facilitate global and local financial flows, support trade and commerce all around the world; we relentlessly pursue operational excellence and continually seek ways to lower costs, reduce risks and eliminate operational inefficiencies. Headquartered in Belgium, SWIFT's international governance and oversight reinforces the neutral, global character of its cooperative structure. SWIFT's global office network ensures an active presence in all the major financial centres.
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