Squawker Selects BNP Paribas for Settlement Role
All trades on Squawker will settle directly between the counterparties and BNP Paribas, supported by a tripartite agreement. BNP will also pre-match settlement instructions as far as possible, and use a delivery-versus-payment basis.
"The central settlement agent on Squawker is BNP Paribas Securities Services. They're always who you buy from, they're always who you sell to, they're your settlement counterpart when you trade on Squawker," says Chris Gregory, CEO at Squawker.
Squawker provides anonymized, negotiation-based block trading at the consolidated mid-price, volume-weighted average price or limit price at execution. The venue uses elements of social media in its construction, where participants can create a universe of preferred counterparties, based on individually defined parameters.
"The last remaining pieces to Squawker's pan-European launch are now slotting into place. We are currently looking to on-board around 100 sell-side firms in this initial phased go-live. As Europe's largest and most robust clearing firm, BNP Paribas was the obvious choice of central settlement provider for Squawker," Gregory continues.
Testing for the connection has been completed. Squawker, based in London and initially covering listed instruments from 16 European countries, plans a staggered launch through April.
The last remaining pieces to Squawker's pan-European launch are now slotting into place. We are currently looking to on-board around 100 sell-side firms in this initial phased go-live.
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