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From Opalesque Team :

BNP Paribas Securities Services is set to optimise its expansion plans in the Asia-Pacific after its license to begin clearing and custody services in Hong Kong has recently been approved by authorities.

In a statement posted on its website, (source), the financial institution said its Hong Kong branch has been granted General Clearing Participant membership to begin offering clearing and custody services in China's city-state.

With this new license, BNP Paribas Securities Services now offers clients both third party clearing (correspondent clearing) and local custody services as a key extension to its global network.

"This is a significant new step to our regional expansion strategy," says Jean-Marc Pasquet, Asia-Pacific head of BNP Paribas Securities Services based in Sydney. "It reinforces our commitment to provide clients with the benefits of our global expertise in a local context -- especially through innovative services such as third-party clearing."

Pasquet said this further bodes well with the institution's plans to expand in China, Japan, South Korea and Taiwan over the next three to four years. The firm is exploring acquisition or partnership opportunities to faci......................

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