UK- BNP Paribas Securities Services has launched a domestic UK securities clearing and custody unit, so that transactions for UK securities can now be processed in London. BNP Paribas’ clearing and custody business now covers 13 markets across Europe.

The UK branch has transferred close to £5bn (e7.98bn) in assets under custody and expects a further £40bn (e63.84bn) by early next year. Volumes are expected to exceed 1 million transactions in the first year of activity.

Services include local clearing and custody of equity, fixed income and derivatives plus back office insourcing for member firms of the UK stock and derivatives exchanges. A fully automated link with the UK central clearing and settlement body, CREST, and the London Clearing House will ensure real time processing and account management.

Alan Drake will head up the London-based domestic clearing and custody activity.

BNP Paribas Securities Services holds e2.2trn in assets under custody.