BNP Paribas has started off the New Year with an appointment to its Asia-Pacific (APAC) operations, namely the addition of Philippe Benoit as its newest Head, according to a Reuters report.
More specifically, BNP Paribas Securities Services, an arm of BNP Paribas, has reinforced its Hong Kong office with Philippe Benoit as its Head of its APAC operations, whose appointment is tendered with immediate effect.
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Mr. Benoit steps into his new role in Hong Kong after already serving as BNP Paribas Securities’ Global Head of Finance, Legal, and ALM Treasury in Paris. As the APAC Head, he will be replacing Lawrence Au, who will remain with BNP Paribas in the capacity of an Executive Advisor.
BNP Paribas has undergone several changes to its operations in recent months, notwithstanding an exodus out of the Hong King private trading market. In mid November, BNP Paribas reported that it would shut down its dark pool trading platform in Hong Kong. The move by BNP was believed to be a result of tougher financial market regulation in Hong Kong, which came into effect last month December, whereby substantially increasing the costs and risks associated with running dark pools.