BNP Paribas has launched a global prime-brokerage platform, The Wall Street Journal reports. The new platform will allow the French bank to cater to hedge fund clients in clearing and keeping custody of assets in over 50 markets, along with offering margin financing in 31 markets and 13 currencies.
BNP has moved focus from proprietary and derivatives trading to equities trading and hedge-fund financing, which requires prime brokerage. The bank’s brokerage business presently comprises 350 employees around the world and seeks to add more staff next year.
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