BNP Paribas, a leading European provider of banking and financial services, and GTS, a New York-based global electronic market maker, today announced the signing of a new Memorandum of Understanding (MOU).
The MOU signed at BNP Paribas annual flagship Global Markets conference in London expands on an existing collaboration on US Treasuries to apply to US equities. BNP Paribas continues to be committed to growing its presence in the US market and providing its clients with enhanced and innovative liquidity solutions.
BNP Paribas and GTS announced their first strategic collaboration in November 2017, enabling BNP Paribas to leverage GTS trading and technology capabilities to provide clients with deeper liquidity, tighter spreads and improved pricing in the US Treasuries secondary market. Since the collaboration, BNP Paribas secondary electronic market share with clients in US Treasuries has grown from 1.5% to 4.0%.
Olivier Osty, Head of Global Markets, BNP Paribas said:
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We are delighted to be expanding our initial transformative collaboration with GTS into the US equities space through the MOU we have signed today. BNP Paribas is committed to delivering efficient, high quality and innovative liquidity solutions to our clients and this represents significant progress in the evolution of capital markets activities.
Ari Rubenstein, Co-Founder and Chief Executive Officer of GTS, said:
The GTS initiative with BNP Paribas is a game-changer for clients. We are putting the most sophisticated AI and machine learning to work with outstanding results. The overall outcome is tighter spreads, lower costs and overall price improvement when accessing the equities and fixed income markets.
Powered by combining market expertise with proprietary technology, GTS is a globally-recognized electronic market-maker for equities, ETFs, fixed income and FX. GTS is the New York Stock Exchanges largest Designated Market Maker (DMM), where it is responsible for maintaining fair and orderly markets for more than 1,100 public companies representing more than $13 trillion of market capitalization. As a quantitative trading firm and market-structure thought-leader that is continually building for the future, GTS leverages the latest in artificial intelligence systems and quantitative pricing models to bring consistency, efficiency, and transparency to todays financial markets. GTSs recently announced plans to acquire Cantor Fitzgeralds ETF and retail stock trading businesses will create a new standard that will marry technology and capital deployment to create robust efficiency for clients across all asset classes.
For more information on GTS, please visit www.gtsx.com.
About BNP Paribas
BNP Paribas is a leading bank in Europe with an international reach. It has a presence in 73 countries, with more than 196,000 employees, including around 149,000 in Europe. The Group has key positions in its three main activities: Domestic Markets, 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.
BNP Paribas employs more than 9,000 people across 10 business lines in the UK. These include Corporate & Institutional Banking, Exane BNP Paribas, Leasing Solutions, Arval, Real Estate (including Strutt & Parker acquired in September 2017), Asset Management, Cardif Pinnacle, Commercial Finance, Personal Finance and Vauxhall Finance. Around half of its employees are in Corporate & Institutional Banking, based in London, while the others are based in various offices across the country, including Belfast, Birmingham, Cardiff, Glasgow, Manchester