HSBC launches post-trade platform for third-party services

Karthik Subramanian

HSBC has announced the launch of a post-trade platform called HSBC MarketSpace that would be a digital ecosystem to give post-trade services and solutions for its clients.

So far, the clients haven’t had access to third-party service providers but with this new platform, the clients would be able to pick and choose the service providers that they want and also choose the products and services that they need. This would remove the need to maintain separate relationships with everyone involved in the post-trade chain and this would help to remove the complexity and the delays involved in such a process. On the other hand, the service providers would be able to develop solutions on the platform directly which will give them a new distribution channel to work with, and also they would be able to carry out testing and take their products to the market much more quickly.

“With the launch of HSBC MarketSpace, we have reimagined the post-trade landscape and created an innovative, digital ecosystem,” Stephen Pemberton, global head of product management, direct custody & clearing, markets & securities services at HSBC, said.

“Capitalising on our unique strengths, we’ve built a single-entry platform that allows our clients to access the best post-trade services available from HSBC and others. We lower the cost of experimentation, enabling rapid innovation and commercialization.”

The development of this platform is in line with the changes that we have been witnessing 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 that they are looking for.  This development also shows that HSBC has already begun the transition of its legacy systems into the new digital world and it is beginning to realize that the use of digital systems helps open up various other possibilities in the trading and banking industry which it continues to explore. It had recently launched a digital wallet that is capable of handling multi-currency and this had helped to cut down on its service charges and pass on the benefits of that to its end customers. By providing more such choices to the customers, the bank would hope that it would be able to bring in more customers which would offset the likely loss of business for some of its services due to the increased competition.

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