Cortex ATS Launch Completes BNP Paribas’ Deutsche Bank Migration

BNP Paribas’ Alternative Trading System (ATS) launch in the US is the latest major step in BNPP’s efforts to build out its equities complex with the ongoing migration of Deutsche Bank’s Prime Brokerage and Electronic Execution business. The ATS platform builds on the Bank’s existing Cortex platform across equities, FX, rates, and listed derivatives. In addition, the offering complements BNPP’s recent acquisition of Exane, the cash equities business including equities research. Within electronic trading, BNPP has the full suite of algorithmic trading products, smarter routers, and the ATS which is available to clients to access from any one of those execution channels. According to a story in Traders Magazine, the migration, which started in 2020 (and the transaction announced in July of 2019), is expected to complete by end of 2021.