Societe Generale to Offer Clearing for Derivatives in Paris

The move was driven by the firm’s clients asking for their trades to be cleared within the European Union.

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. 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.

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The new unit will be joining several clearing houses in France’s capital. These include 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, while interest rate swaps will be cleared by Eurex, the spokeswoman noted.

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Christophe Lattuada the Global Head of Prime Services at Societe Generale
Christophe Lattuada
Source: Societe Generale

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.

Frank Drouet the Global Head of Global Markets at Societe Generale
Frank Drouet
Source: Societe Generale

“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.

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