Most applications are coming from European and US asset managers, with one firm planning to register 300 funds to invest in the market, CIBM settlement agents tell AsianInvestor.
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The expected introduction of third-party securities clearing next year will coincide with the expansion of the asset management sector, says BNP Paribas.
BNP Paribas maintains that attitudes around third-party clearing are shifting, despite a low uptake by brokerages.
Singapore approves BNP Paribas Securities Services' first regional wholesale banking license.
