BNP Paribas have announced the launch of its Cortex ATS platform in the US, enabling the bank to offer a full range of solutions and services to its quantitative and fundamental investor clients globally. The Cortex ATS platform will provide BNP Paribas clients access to a non-displayed liquidity venue accessible from all execution channels. The ATS platform builds on the bank’s existing Cortex platform across equities, FX, rates, and listed derivatives. Recent Cortex Equities platform enhancements include new data center and exchange connectivity as well as new quantitative research driven upgrades to smart order routing logic and algorithmic trading strategies.
As an equity execution platform, Cortex Equities forms the core of a broader equity execution services offering for high-touch, portfolio, electronic trading and exchange-traded fund (ETF) execution. BNP Paribas’ coverage team will utilize the state-of-the-art technology and advanced analytics to deliver best execution to clients. In addition, the integrated execution services model will provide a client-focused execution experience and consistency across all channels.
“Cortex Equities will now provide our institutional equity clients a best-in-class execution technology and service offering tailored to meet the needs of their individual portfolio implementation demands for a broad array of investment strategies,” said Brian Fagen, Head of Execution Services for the Americas at BNP Paribas. “As a result, our new and innovative equities execution offering will help strengthen our partnerships with global clients.”
Cortex Equities is part of the bank’s efforts to strengthen its holistic equities offering. BNP Paribas has completed the acquisition of 100% of Exane, raising its stake from the 50% previously held during a successful 17- year partnership. Leveraging Exane’s expertise in cash equities (execution and research) and derivatives, the transaction will further strengthen and widen the range of equity and derivatives services BNP Paribas can offer to institutional investors and corporates globally. This, together with the migration of Deutsche Bank’s Global Prime Finance and Electronic Equities business to BNP Paribas, will, in the bank’s view, position BNP Paribas as a leading provider in Global Equities.
“This is an important step in our ambition to be a top global prime broker and to strengthen our equities complex with a holistic offering in this key asset class,” said Ashley Wilson, Global Head of Prime Services at BNP Paribas. “Ultimately, the strength of our equities capabilities will allow us to continue to be a true partner to our clients across all regions.”
In addition, the Cortex ATS launch is a key milestone in the migration of Deutsche Bank’s Global Prime Finance and Electronic Equities platform to BNP Paribas. In 2019, BNP Paribas and Deutsche Bank signed and announced an agreement to transfer technology and key staff from Deutsche Bank’s Global Prime Finance and Electronic Equities business to BNP Paribas. The global migration is well underway and has entered its final phase. It is expected to complete by end of 2021.