Societe Generale to Offer Clearing for Derivatives in Paris

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, the French multinational investment bank plans to open a financial hub in Paris, a move which seems to be a direct result of Brexit Brexit Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Read this Term. By 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. These include the London Stock Exchange Stock Exchange A stock exchange, also known as a securities exchange or bourse represents is a facility where stockbrokers and traders can buy and sell securities.This includes shares of stock, bonds, exchange-traded funds (ETFs), or other financial instruments. By extension, stock exchanges can also provide facilities for the issue and redemption of such securities and instruments and capital events including the payment of income and dividendsStock exchanges have developed into a permanent fixture in the fin A stock exchange, also known as a securities exchange or bourse represents is a facility where stockbrokers and traders can buy and sell securities.This includes shares of stock, bonds, exchange-traded funds (ETFs), or other financial instruments. By extension, stock exchanges can also provide facilities for the issue and redemption of such securities and instruments and capital events including the payment of income and dividendsStock exchanges have developed into a permanent fixture in the fin Read this Term’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, while interest rate swaps will be cleared by Eurex, the spokeswoman noted.

Commenting on the announcement, Christophe Lattuada, Global Head of Prime Services said: “Societe Generale works with clients daily on listed derivatives and OTC clearing by adapting its offering to their changing needs within the current uncertain regulatory environment. Our clients benefit from our long-standing presence in Paris and the well-established team delivering best in class client service.”

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 appointment of two senior members - 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. There, 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.

“This reinforcement of the Prime Services offering is also part of the strategic plan developed by the Bank to build on its global markets top positioning in Europe,” added Frank Drouet, Global Head of Global Markets.