BNP Paribas’s Securities Services business, a leading global custodian with USD 13.1 trillion in assets under custody, has been appointed by UniSuper, one of Australia’s largest superannuation funds, to provide Triparty Collateral Management services for their global trading activity.
The selection of the Securities Services of BNP Paribas for Triparty Collateral Management services will help UniSuper meet its initial margin rules obligations. These require financial institutions to post collateral to back up their non-cleared OTC derivatives trades in order to mitigate counterparty risk.
This compliments the existing relationship between UniSuper and BNP Paribas, which already includes custody services in Australia, starting with global custody in 2015.
UniSuper will benefit from the world-class service and tailor-made solutions of BNP Paribas’s Securities Services business, and the financial strength of the BNP Paribas Group.
Dharmendra Dayabhai, Head of Portfolio Analysis and Implementation, UniSuper, stated: “When selecting a collateral manager, we looked at what other areas of our business would benefit and saw the potential optimisation advantage in combining the roles of the custodian, collateral manager and securities lending agent. By choosing BNP Paribas, we achieve significant operational efficiencies alongside future optionality in regards to trading and access to liquidity.”
Natalie Floate, APAC Head of Markets & Financing Services, Securities Services, BNP Paribas, commented: “We are very pleased to expand our relationship with UniSuper. Going live with our Collateral Management services in Australia is another step forward in the evolution of our partnership with one of Australia’s leading superannuation funds.”
BNP Paribas’s Securities Services business is a leading global custodian providing multi-asset post-trade and asset servicing solutions to buy-side and sell-side market participants, corporates and issuers. With a global reach covering 90+ markets, its custody network is one of the most extensive in the industry, enabling clients to maximise their investment opportunities worldwide.
Christina Efthymiades AM, Head of Brand and Communications, Australia & New Zealand
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Zach Relouw, Media and PR Lead
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About Securities Services at BNP Paribas
BNP Paribas’s Securities Services business is a leading global custodian providing multi-asset post-trade and asset servicing solutions to buy-side and sell-side market participants, corporates and issuers. With a global reach covering 90+ markets, its custody network is one of the most extensive in the industry, enabling clients to maximise their investment opportunities worldwide. As a pillar of BNP Paribas’ diversified banking model, Securities Services provides asset servicing solutions that are closely integrated with the first-class services of the Group’s other business lines, in particular those of Global Banking and Global Markets. As of 30 June 2023, Securities Services had USD 13.1 trillion in assets under custody, USD 2.6 trillion in assets under administration and 9,305 funds administered.
About UniSuper (https://www.unisuper.com.au)
UniSuper is one of Australia’s largest superannuation funds and is run solely for the benefit of its members. For forty years, UniSuper has been managing super for people employed in the higher education and research sector, and as of 2021 opened the fund to all Australians. UniSuper currently invests over $115 billion on behalf of over 600,000 members.
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Services described in this document, if offered in Australia, are offered through BNP Paribas acting through its Australia Branch ABN 23 000 000 117 (“BNP Paribas”) and/or BNP Paribas Fund Services Australasia Pty Ltd ABN 71 002 655 674 (“BPFSA”). BNP Paribas is licensed in Australia as a foreign authorised deposit-taking institution by the Australian Prudential Regulation Authority and delivers financial services to clients under its Australian Securities & Investments Commission Australian Financial Services License (AFSL), No. 238043. BPFSA is an Australian-incorporated company which is a wholly owned subsidiary of BNP Paribas and delivers financial services to clients under its AFSL No. 241080. The Information is directed at wholesale clients only and is not intended for retail clients (as both terms are defined by the Corporations Act 2001, sections 761G and 761GA).
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Services described in this document, if offered in Singapore, are offered through BNP Paribas acting through its Singapore Branch, which is licensed by the Monetary Authority of Singapore under the Banking Act 1970 as a qualifying full bank. It is also a clearing member and depository agent of The Central Depository (Pte) Limited (CDP), a trading member of Singapore Exchange Derivatives Trading Limited (SGX-DT), and a clearing member of Singapore Exchange Derivatives Clearing Limited (SGX-DC). Singapore dollar deposits of non-bank depositors placed with the Singapore branch are insured up to $75k by the Singapore Deposit Insurance Corporation. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured.
Services described in this document, if offered in New Zealand, are offered through BNP Paribas Fund Services Australasia Pty Ltd (“BPFSA”) acting through its New Zealand Branch, NZCO registration number 1010736. BPFSA is an Australian-incorporated company which is a wholly owned subsidiary of BNPP. BPFSA is registered under the Financial Service Providers (Registration and Dispute Resolution) Act 2008. BPFSA is not licensed by a New Zealand regulator to provide financial services and BPFSA’s registration on the New Zealand register of financial service providers does not mean that BPFSA is subject to active regulation or oversight by a New Zealand regulator. NO BNP PARIBAS ENTITY IS A REGISTERED BANK IN NEW ZEALAND. The Information is intended for wholesale clients only, as such term is defined in the Financial Markets Conduct Act 2013.
Services described in this document, if offered in the People’s Republic of China (“PRC”, which for these purpose excludes the Hong Kong or Macau Special Administrative Regions or Taiwan), are offered through BNP Paribas China Limited (“BNPP China”), a subsidiary of BNP Paribas. BNPP China is a commercial bank regulated by the China Banking and Insurance Regulatory Commission. This document does not constitute an offer to sell or the solicitation of an offer to buy any financial products in the PRC to any person to whom it is unlawful to make the offer or solicitation in the PRC.BNPP China does not represent that this document may be lawfully distributed, or that any financial products mentioned herein may be lawfully offered, in compliance with any applicable registration or other requirements in the PRC, or pursuant to an exemption available thereunder, or assume any responsibility for facilitating any such distribution or offering. In particular, no action has been taken by BNPP China which would permit a public offering of any financial product or distribution of this document in the PRC. Accordingly, no financial product mentioned herein may be offered or sold, directly or indirectly, and neither this document nor any advertisement or other offering material may be distributed or published in the PRC, except under circumstances that will result in compliance with any applicable laws and regulations.
Services described in this document, if offered in India, are offered through BNP Paribas acting through its branches in India, which is registered as a Scheduled Commercial Bank and is regulated by Reserve Bank of India. It is also a registered custodian under the SEBI (Custodian of Securities) Regulations, 1996 and is regulated by the Securities and Exchange Board of India.