Societe Generale Corporate & Investment Banking announced this Monday that it will offer a clearing capability for its clients on derivatives and over-the-counter (OTC) products in the European Union (EU) by the end of this year.
According to the statement released today, the plans to open a financial hub in Paris, a move which seems to be a direct result of Brexit. As of the end of this year, the Societe Generale’s Prime Services team of experts will be able to clear client trades directly from its platform in Paris.
The new unit will be joining several clearing houses in France’s capital. This includes the London Stock Exchange’s LCH SA in Paris and Deutsche Boerse’s Eurex Clearing in Frankfurt.
According to a Societe Generale spokeswoman speaking to Reuters, the move was driven by the firm’s clients asking for their trades to be cleared within the EU. However, LCH SA will still be used for clearing credit default swaps and interest rate swaps will be cleared by Eurex, the spokeswoman noted.
Source: Societe Generale
Societe Generale bolsters Prime Services team
Alongside the offering of clearing capabilities, Societe Generale has also been bolstering its Prime Services sales team in Continental Europe. This was achieved by the of two – Stéphane Eglizeau and Ebru Ciaravino.
Eglizeau joined Societe Generale’s Prime Services team as the Global Head of Sales for Professional Trading Groups. Prior to working with the firm, he was the Chief Executive Officer for the Asia Pacific region for ABN Amro Clearing Bank.
Ciaravino, on the other hand, joined the company’s team in Frankfurt. Here he is part of the Prime Services sales force. Namely, he is in charge of German and Austrian clients. This is largely due to his experience at Deutsche Boerse/Eurex Group, where he was employed for more than 15 years.
Source: Societe Generale
Societe Generale to Offer Clearing for Derivatives in Paris
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