BNPP finds solution to equities woes

Key French brokerages are remodelling their equities divisions in an effort to build a pan-European business. And the solution that BNP Paribas has found is the most radical. But rivals say its new joint venture is an admission of failure. Peter Koh reports.

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.

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