Crédit Agricole CIB joins forces with Orange to create NowCP, a trading platform revolutionising short debt market in Europe
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".