UNLESS YOU TRADE French equities or derivatives you could be forgiven for never having heard of Exane.
It is a highly-regarded independent equities boutique based in Paris, that offers services in research, sales, sales trading and execution in cash equities and derivatives. Although it is renowned in France it has not been able establish the same profile outside its home market.
But in April this year, it will become a much more important part of the European equities landscape, by effectively assuming control of BNP Paribas' cash equity operations through a joint venture.
BNP Paribas is transferring control of its European cash equities business to Exane's partners in return for a 50% stake in the holding company that controls the partnership. Exane's partners will hold a majority of the voting rights and hence effective control over the joint venture, marking a stunning admission on the part of the...
