HSBC launches post-trade platform for third-party services
HSBC announced the launch of a post-trade platform called HSBC MarketSpace which would be a digital ecosystem to deliver post-trade services and solutions to its clients.
Until now, customers have not had access to third party service providers, but with this new platform, customers could choose which service providers they want and also choose which products and services they have. need. This would eliminate the need to maintain separate relationships with everyone involved in the post-trade chain and help eliminate the complexity and delays involved in such a process. On the other hand, service providers could develop solutions directly on the platform, which would give them a new distribution channel to work with, and they could also test and bring their products to market much faster. .
“With the launch of HSBC MarketSpace, we have redesigned the post-trade landscape and created an innovative digital ecosystem,” said Stephen Pemberton, Global Head of Product Management, Direct Custody and Clearing, Markets and Clearing. securities services at HSBC.
“By capitalizing on our unique strengths, we have built a single entry platform that enables our clients to access the best post-trade services available from HSBC and others. We reduce the cost of experimentation, enabling rapid innovation and commercialization.
The development of this platform is in line with the changes we have seen in the trading scenario, with custodians being more open to working with third parties and different sources and fintechs as long as they can get the kind of services and solutions they want. ‘they are. looking for. This development also shows that HSBC has already started the transition of its existing systems to the new digital world and is starting to realize that the use of digital systems is helping to open up various other possibilities in the commercial and banking sector that it continues to develop. ‘to explore. It had recently launched a digital wallet capable of handling multiple currencies, which had reduced its service costs and passed the benefits on to its end customers. By offering more choices to customers, the bank hopes to be able to attract more customers, which will offset the likely loss of business for some of its services due to increased competition.