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Orange, Amundi, BNP Paribas, Crédit Agricole CIB, Natixis and OFI AM (through the SICAV* S2iEM) create NowCP, a trading platform revolutionising short term debt market in Europe

London, UK, 4/3/19,  by Amundi

Amundi, BNP Paribas, Crédit Agricole CIB, Natixis and OFI AM (through the SICAV* S2iEM) have joined a new initiative led by Orange called NowCP, a digital marketplace for the issuance and negotiation of short term debt securities.

Issuers, investors and financial intermediaries will trade on a single platform, whereby NowCP will provide them with a quasi-real-time funding and investment service, from negotiation to central bank currency settlement, thanks to the integrated use of a new generation Central Securities Depositary based on blockchain technology.

Licensed by ACPR, the French monitory authority (with an AMF (French regulator) opinion), NowCP intends to revolutionise funding and liquidity management for issuers and investors by facilitating negotiations, extending trading hours, thus creating a European market for Commercial Paper, with enhanced depth, liquidity and security.

Jérôme Berger, Head of the Treasury Department for Orange, and in charge of Fintech projects for the Group, comments: “Orange wishes to thank its partners for joining NowCP and helping us turn an idea into reality. A marketplace of a new kind that brings transparency and instantaneity to a financial market, with the ambition of giving the European economy a competitive edge”.

Thierry Darmon, Head of Treasury Management for Amundi adds that “thanks to this digital platform, market transactions will be settled in a few minutes, improving the liquidity on the NEU CP market and benefiting the unitholders of our funds, particularly for monetary market funds: the execution in their subscription and redemption will be optimised”.

“BNP Paribas is proud to partner with Orange in this marketplace initiative aiming at bringing efficiency, liquidity and transparency to the NEU CP market. This investment in NowCP demonstrates BNP Paribas’ commitment to issuers and investors,” comments Yannick Jung, Head of Global Banking for Europe, Middle East and Africa at BNP Paribas.

Frédéric Fadat, Head of the NEU CP desk at Crédit Agricole CIB explains: « The transition from voice trading to an electronic trading platform represents a real improvement and will enable us to better manage operational risk between counterparties”.

Frédéric Dalibard, Head of Digital at Natixis CIB comments: “Natixis is glad to join NowCP. This great marketplace initiative will help digitalise this market segment. With the unquestionable improvements brought by the creation of a new CSD, NowCP – with its fully digital trading platform – bears the promise of facilitating exchanges between market players and of strengthening the role of Paris as a marketplace for issuing and trading Commercial Papers”.

Jean-Pierre Grimaud, Head of OFI Group, adds: “We are delighted to fund, through the SICAV S2iEM, the development of the NowCP platform, which should become a leading player in the digitalisation of the NEU CP market”.

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About Amundi

Amundi is Europe’s largest asset manager by assets under management and ranks in the top 10[1] globally. It manages more than 1.470 trillion[2] euros of assets across six main investment hubs[3]. Amundi offers its clients in Europe, Asia-Pacific, the Middle East and the Americas a wealth of market expertise and a full range of capabilities across the active, passive and real assets investment universes. Clients also have access to a complete set of services and tools. Headquartered in Paris, and listed since November 2015, Amundi is the 1st asset manager in Europe by market capitalization[4].

 

Thanks to its unique research capabilities and the skills of close to 4,500 team members and market experts based in 37 countries, Amundi provides retail, institutional and corporate clients with innovative investment strategies and solutions tailored to their needs, targeted outcomes and risk profiles.

 

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Visit www.amundi.com for more information or to find an Amundi office near you.

 

Footnotes

 

  1. ^ [1] Source IPE “Top 400 asset managers” published in June 2018 and based on AUM as of end December 2017
  2. ^ [2] Amundi figures as of September 30, 2018
  3. ^ [3] Investment hubs: Boston, Dublin, London, Milan, Paris and Tokyo
  4. ^ [4] Based on market capitalization as of September 30, 2018

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