The interbank prime of prime solutions provider CFH Clearing has just announced that it has selected BNP Paribas as its new FX prime broker. The firm says that BNP Paribas was selected following a rigorous process. Its strong credit rating, speed of onboarding and robust systems were particularly impressive, according to CFH Clearing.
As is common with these types of relationships, the details of the deal were not made public. The FX prime brokerage market has been dramatically changing for the past few years, with some large banks either scaling back their prime offerings or simply pulling out altogether.
This has created a space for the rise of prime of prime services but tightening conditions have recently reached prime of prime brokers too, as a result of Black Thursday. Meanwhile, newer players in the prime brokerage field are taking advantage of the harsher environment to further establish their client base.
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Nick Mortimer, Head of Prime Brokerage and Clearing at CFH Clearing commented on the announcement: “We are pleased to have secured an additional Prime Brokerage relationship. BNP Paribas has an excellent reputation worldwide as a leading FX Prime Brokerage house. We were impressed with their competitive terms, highly experienced team, strong technological capabilities and a proven track record in the FX industry.
Our relationship with BNP Paribas will help CFH Clearing to build on our existing pipeline of Prime of Prime clients, reinforcing our market leading position as we continue to grow our institutional client base.”