Financial information - BNP Paribas Securities Services

2014
Financial information
Presence in
34 countries
Covering over 100 markets
8,134 administered funds
62 million transactions processed
USD 8,950 billion assets under custody
USD 1,717 billion assets under administration
26 proprietary local custody and clearing branches
8,800 employees worldwide
All figures as of 31 December 2014
BNP Paribas Securities Services provides integrated solutions for all investment cycle players.
ƒƒ Sell-side. Investment banks, broker-dealers, banks and market infrastructures are offered
customised solutions for all their needs. BNP Paribas provides an extensive product offering that
includes execution services, derivatives clearing, local and global clearing, settlement and custody
for all onshore and offshore asset classes worldwide, as well as outsourcing solutions for middle
and back office activities.
ƒƒ Buy-side. Institutional investors (asset managers, alternative fund managers, insurance
companies, pension funds, fund distributors and promoters) have access to a broad range of
services. These include global custody, depository bank and trustee services, transfer agency and
fund distribution support, fund administration and middle office outsourcing, investment reporting,
and risk and performance measurement.
ƒƒ Issuers (originators, arrangers and corporates) are provided with a wide range of corporate trust
solutions: securitisation and structured finance services, debt agency services, issuer advisory,
stock option and employee stock plans, and shareholder services including the management of
annual general meetings.
ƒƒ Market and financing services are also available across all client categories and include securities
lending and borrowing, foreign exchange management, credit and collateral management, order
trading and cash financing.
BNP Paribas Securities Services
in 2014
BNP Paribas Securities Services was one
of the fastest-growing securities services
providers in the world in 2014, illustrated
by a 22% rise in assets under custody
compared to 2013. Buoyant market trends
aside, this increase in assets under custody
and assets under administration is the fruit
of new mandates won in 2013 and
the integration of assets linked to the
acquisition of the depositary banking
activities of Commerzbank in October 2013.
BNP Paribas Securities Services’ strategic
expansion continued in 2014 with the
acquisition of Banco Popular’s depositary
banking business in Spain, and the
deployment of its own depository banking
network in the Netherlands and Switzerland.
Today, the bank’s reinforced structure
means it is perfectly placed to advise
and assist institutional clients with the
regulatory reforms brought about by the
European Union’s Alternative Investment
Fund Managers Directive or AIFMD.
The bank’s landmark deals around the world
included the EUR 180 billion pan-European
mandate won in July 2014 from Generali
appointing BNP Paribas Securities Services
as global custodian for its assets and
entrusting it with the administration of
its funds in Germany, Italy, France and
Luxembourg.
Recognised for its international reach and
expertise, the different projects developed
by BNP Paribas Securities Services in 2014
make it even easier for clients to access the
world’s markets, and include a bespoke offer
designed to support fund managers investing
via the new Shanghai-Hong Kong "Stock
Connect" programme.
Today, BNP Paribas ranks number 5 in
the world and number 1 in Europe in
Securities Services.
Furthermore, in order to cement its services
offering for alternative investment funds
and its fund administration franchise,
BNP Paribas Securities Services also signed
a memorandum of understanding for the
acquisition of Crédit Suisse’s Prime Fund
Services activity, set to close in 2015.
2014 BNP Paribas Group Results
The strength of the BNP Paribas Group’s business model lies in the diversity of its geographical
presence, client base and activities. In 2014, it was divided into three complementary business
lines: Retail Banking, Corporate & Investment Banking (CIB), and Investment Solutions. BNP
Paribas Securities Services was one of the businesses that made up the Investment Solutions
division.
ƒƒ There was revenue growth in all operating divisions, with strong performance of the
specialised businesses – with the exception of one-off items, revenues rose 3.2% vs. 2013
ƒƒ Revenues of the operating divisions rose by 1.9% compared to 2013(2)
¡¡ Retail Banking: +2.0%(3)
¡¡ Corporate & Investment Banking: +2.1%(2)
¡¡ Investment Solutions: +3.7%(3)
ƒƒ The 2014 balance sheet was rock-solid, including
¡¡ Fully loaded Basel 3 common equity Tier 1 ratio of 10.3%(4)
¡¡ Fully loaded Basel 3 leverage ratio3 of 3.6%(5)
¡¡ A considerable liquidity reserve of EUR 291 billion, equivalent to over one year of room
to manoeuvre in terms of wholesale funding
ƒƒ In June 2014 the Group booked the impact of a comprehensive settlement with the U.S.
authorities regarding the review of certain USD transactions which included the payment by
BNP Paribas of a total of USD 8.97 billion in penalties, or EUR 6.6 billion. Excluding this and
other one-off items, overall yearly performance was strong.
Changes to the organisational structure of the BNP Paribas Group
On 18 November 2014, BNP Paribas announced a new name and governance for its CIB division:
Corporate and Institutional Banking. The new CIB is centred on two client sectors, namely corporates
and institutionals.
In order to provide institutional clients with wider access to the best of BNP Paribas CIB’s products
and services, and to position the Bank as their strategic partner, BNP Paribas CIB has structured its
solutions on the following pillars:
ƒƒ A newly created Global Markets division which will provide an offer across all asset classes,
building on global business lines, financing and prime services capabilities, and regional
franchises. A solid presence in the regions will be essential to support BNP Paribas CIB’s regional
development plans.
ƒƒ Financial Institutions Coverage will offer global coverage for all CIB and other Group businesses
across all institutional client segments.
ƒƒ BNP Paribas Securities Services will continue offering its current spectrum of solutions and will
remain a separate legal entity, with its own commercial and operational autonomy.
The organisation of the Group’s operating divisions now centres on two entities: CIB and Retail
Banking & Services. The latter in turn consists of Domestic Markets and a new entity, International
Financial Services, which includes BancWest, Europe-Mediterranean, Personal Finance, Wealth and
Asset Management and Insurance.
Highlights 2014
AIFM: supporting institutional clients as they prepare for new oversight and transparency
requirements
Covering 12 European fund domiciles, BNP Paribas Securities Services is one of Europe’s largest
depositary banks with a robust infrastructure to help institutional clients prepare for a new
regulatory landscape with the application of the AIFM Directive that requires greater transparency
and security.
The Bank’s suite of AIFM-ready services provides clients on all markets with comprehensive solutions
for fund distribution, asset valuation, cash monitoring and liquidity oversight.
Target2-Securities: a firm commitment
A major leap forward in European market infrastructure projects, the launch of the T2S technical
platform designed to harmonise the cross-border settlement and delivery of securities in Europe is
scheduled for June 2015. BNP Paribas Securities Services is officially committed to becoming a direct
connected participant in the platform from the very first wave of migration. T2S is a crucial milestone
in the implementation of a true single and integrated market for the eurozone.
The bank, which currently covers 95% of trades on the main T2S markets, has developed an array of
innovative and extremely flexible solutions to facilitate client access to the platform.
Expanding global reach: focus on Latin America
BNP Paribas Securities Services mostly notably expanded in Latin America throughout 2014. In
particular it offers local and global custody to the Brazilian market, as well as a suite of value added
services including investment reporting and depositary banking. Last year, the bank published an
award-winning study, “Building your gateway to Latin American investors”, on the fund distribution
opportunities in Latin American markets.
Regulating engagement
BNP Paribas Securities Services representatives contribute to consultation papers for the European
Commission and are regularly consulted by the press for expert commentary on regulatory issues
related to the securities services industry. In addition, it shares its regulatory insight though a series
of publications including guides, whitepapers and research reports.
Supporting clients’ global ambitions
To support clients’ global expansion, BNP Paribas Securities Services launched an integrated Stock
Connect solution for UCITS funds in 2014, allowing support Luxembourg-based UCITS funds that wish
to invest in Chinese A-shares via the Shanghai-Hong Kong Stock Connect programme. BNP Paribas’
integrated broker-custodian solution encompasses execution, clearing and custody services, allowing
clients to make their investments in a seamless manner and addressing the risk faced by investors
when transferring stocks from their custodian to their broker.
Liquidity management
To respond to considerable demand from clients to help them better manage and monitor their liquid
assets, BNP Paribas Securities Services launched its Liquidity Access solution in September 2014.
The launch came as new regulations, such as Basel III and Dodd Frank, required market participants
to hold more liquid assets, closely monitor their liquidity ratios and anticipate the evolution of their
liquidity positions.
Liquidity Access is available to bank and broker clients of BNP Paribas Securities Services and is
offered alongside their comprehensive global and local custody offering and a range of value added
services.
Reporting
Many recent developments in regulations require clients to provide regulators with new reports. As
a result, BNP Paribas Securities Services has expanded its capabilities to complement its range of
services: EMIR trade reporting service; AIFMD regulatory reporting service that complementing the
AIFMD offer across its pan-European network; and FATCA reporting services in relation to transfer
agent services in 10 domiciles.
Supporting transparency
Our advanced Data Navigation Analysis (DNA) solution, designed to enhance access to information for
financial organisations across the investment cycle, was extended to more clients last year. It now
provides our lending clients with flexible oversight and control over their activities. DNA delivers an
interactive function that enhances transparency and improves reporting through a consolidated view
of securities lending programmes and high-end data on performance.
Notes
Source: BNP Paribas Securities Services figures at 31 December 2014 for assets under custody; financial reporting for Top 10 competitors.
At constant scope and exchange rates, excluding one-off items
(3)
At constant scope and exchange rates
(4)
Ratio taking in account all the CRD4 rules with no transitory provisions
(5)
Ratio taking in account all the CRD4 rules with no transitory provisions, calculated according to the delegated act of the Europe
Commission dated 10 October 2014
(1)
(2)
Awards for excellence
Custody Risk European Awards 2014
ƒƒ Securities Services Provider of the Year
ƒƒ European Custodian of the Year
ƒƒ Custodian of the Year – France
Investment Week Fund Services Awards 2014
ƒƒ Best Fund Services solution
ƒƒ Best Thought Leadership Paper: “Building your gateway to Latin American investors”
ƒƒ Best Compliance and Regulatory Solution
Global Investor/ISF Sub-Custody Survey 2014
ƒƒ 1st place ranking in 19 markets
Asia Asset Management’s “Best of the Best” Awards 2014
ƒƒ Best Specialist Custodian in Asia Pacific
Global Custodian Agent Banks in Major Markets Survey 2014
ƒƒ Highest local market scores: Austria, Australia, Hong Kong and Singapore
ƒƒ Above average scores across 6 categories in Belgium, France, Germany, Greece, Ireland,
Italy, the Netherlands, Spain, Switzerland and the United Kingdom
Global Custodian Agent Bank in Emerging Markets survey 2014
ƒƒ Top market scores in Brazil, Hungary, Morocco, Poland and Turkey
Wall Street Letter 2014 Institutional Trading Awards
ƒƒ Best Broker Dealer – Client Service
Jacques d’Estais
Patrick Colle
Chairman of the supervisory board
BNP Paribas Securities Services
Member of the executive committee
BNP Paribas
General manager
BNP Paribas Securities Services
BNP Paribas Group Financial Statements
Consolidated balance sheet
Assets
In millions of euros
2014
20131
Cash and amounts due from central banks
117 473
100 787
Financial instruments at fair value through profit or loss
813 647
683 711
Derivatives used for hedging purposes
Available-for-sale financial assets
Loans and receivables due from credit institutions
Loans and receivables due from customers
19 766
8 368
252 292
199 056
43 348
57 545
657 403
612 455
Remeasurement adjustment on interest-rate risk hedged portfolios
5 603
3 568
Held-to-maturity financial assets
8 965
9 881
Current and deferred tax assets
Accrued income and other assets
Differed investment to benefits
Equity-method investments
Investment property
Property, plant and equipment
Intangible assets
8 629
8 850
110 088
88 656
0
0
7 371
6 561
1 614
1 772
18 032
16 929
2 951
2 537
10 577
9 846
2 077 759
1 810 522
In millions of euros
2014
20131
Due to central banks and post office banks
1 680
662
743 527
621 235
22 993
12 139
Goodwill
Total Assets
Liabilities and shareholders’ equity
Financial instruments at fair value through profit or loss
Derivatives used for hedging purposes
Due to credit institutions
90 352
84 594
Due to customers
641 549
553 497
Debt securities
187 074
186 686
4 765
924
Remeasurements adjustment on interest-rate risk hedged portfolios
Current and deferred tax liabilities
Accrued expenses and other liabilities
Technical reserves of insurance companies
Provisions for contingencies and charges
Subordinated debt
Total liabilities
Share capital, additional paid-in capital and retained earnings
Net income for the period attributable to shareholders
Changes in assets and liabilities recognised directly in equity
Shareholders’ equity
Minority interests
Total consolidated equity
Total Liabilities and shareholders’ equity
1
Restated according to IFRS 10 & 11 and the amendment to IAS 32
2 893
2 477
87 798
78 381
175 214
155 226
12 337
11 922
13 936
11 824
1 984 118
1 719 567
83 162
80 672
157
4 818
6 091
1 943
89 410
87 433
4 231
3 522
93 641
90 955
2 077 759
1 810 522
BNP Paribas Group Financial Statements
Consolidated profit and loss account
In millions of euros
Net interest income
20131
20 319
19 451
Net commission income
7 388
6 845
Net gain/loss on financial instruments at fair value through profit
or loss
4 631
4 602
Net gain/loss on available-for-sale financial assets and other
financial assets not measured at fair value
1 969
1 626
Net Income from other activities
4 861
4 762
Net banking income
39 168
37 286
Operating expense
-24 960
-23 787
-1 566
-1 530
12 642
11 969
Cost of risk
-3 705
-3 643
Cost related to the comprehensive settlement with US authorities
-6 000
-798
Operating income
2 937
7 528
408
537
Depreciation, amortisation and impairment of property, plant and
equipment and intangible assets
Gross operating income
Share of earnings of equity-method entities
Net gain/loss on non-current assets
155
287
-351
-251
Pre-tax net income
3 149
8 101
Corporate income tax
-2 642
-2 680
Net income
507
5 421
Net income attributable to minority interests
350
603
Net income attributable to equity holders
157
4 818
Change in value of goodwill
1
2014
Restated according to IFRS 10 & 11 and the amendment to IAS 32
Long-term credit ratings – BNP Paribas
Standard & Poor’s A+
Moody’s A1
Fitch
A+
Negative outlook
Negative outlook
Stable outlook
03.07.2014
01.07.2014
25.11.2014
Long-term credit ratings – BNP Paribas Securities Services
Standard & Poor’s A+
Moody’s A1
Fitch
A+
All figures as of 31 December 2014
Negative outlook
Negative outlook
Stable outlook
03.07.2014
01.07.2014
25.11.2014
BNP Paribas Securities Services Financial Statements
Statutory balance sheet
Assets
In millions of euros
Cash and amounts due from central banks and post office banks
2014
2013
6 675
4 099
Treasury bills and money-market instruments
14 068
11 544
Due from credit institutions
52 553
35 090
3 967
2 247
Customer items
Bonds and other fixed-income securities
Equities and other variable-income securities
Investment in undertakings and other participating interests and
equities securities held for long-term investment
Tangible and intangible assets and goodwill
Accrued income and other assets
Total Assets
2 640
3 023
11 745
8 483
153
207
514
496
13 927
11 272
106 242
76 461
Liabilities and shareholders’ equity
In millions of euros
Due to to central banks and post office banks
Due to credit institutions
2014
2013
1
2
9 019
5 958
Customer items
60 370
40 180
Other liabilities
34 041
28 895
Accrued expenses and other adjustments
1 640
608
Provisions for contingencies and charges
111
91
Subordinated debts
200
Shareholders’ equity
860
727
Raised capital
172
165
Premium
376
298
Reserves
165
164
Retained earnings
Net income
Total liabilities and shareholders’ equity
0
0
147
100
106 242
76 461
Notes
BNP Paribas Securities Services has a French banking license and is therefore regulated by banking authorities in Europe and France.
Thanks to its legal form (“Société en Commandite par Actions (SCA)” or partnership limited by shares), the parent company is indefinitely
liable for the debts of the company through its own assets. Moreover pursuant to French Banking Law (Article L511-42), it must be
noted that BNP Paribas may be invited by the Banque de France to bring support to its subsidiary, if deemed necessary.
The Fund Administration business carried out by BNP Paribas Fund Services companies form part of the Securities Services business line
but does not impact BNP Paribas Securities Services’ statutory financial statements. These companies are subsidiaries (not branches) of
BNP Paribas Securities Services and it should be noted that BNP Paribas Securities Services does not produce consolidated financial
statements. It should also be noted that BNP Paribas Fund Services France is a subsidiary of BNP Paribas SA.
The statutory accounts of BNP Paribas Securities Services are prepared in accordance with applicable regulations in France for a non-listed
company (French GAAP). Since the implementation of IFRS norms in 2005, the bank continues to harmonise its statutory accounts with
international norms wherever consistent with French regulations.
BNP Paribas Securities Services Financial Statements
Statutory Profit and Loss Account
In millions of euros
2014
2013
Net interest income
333
300
Net commissions income
942
825
Net other banking income
147
145
Net banking income
1 422
1 270
General operating expenses
-1 113
-1 007
-52
-44
257
219
0
0
257
219
-5
-44
Goodwill amortisation
0
0
Net non recurring items
0
0
Net income before tax
251
175
Income tax
-104
-75
Net income
147
100
Depreciation, amortisation and provisions on tangible and intangible assets
and goodwill
Gross operating income
Cost of risk
Operating income
Gain (losses) on disposals of long term investments and changes in
provisions
Notes for the BNP Paribas Securities Services statutory balance sheet
¡¡ It is to be noted that comparability of balance sheet is partially impacted following acquisitions made in 2014.
¡¡ Due from/to credit institutions items amount to EUR 52.553 million (on the asset side) and EUR 9.019 million (on the liability side)
of which main part are transactions with the BNP Paribas Group. Remaining balances on the asset side are securities received under
resale agreements and on the liability side securities given under repurchase agreement.
¡¡ Customer items are mainly short-term overdrafts granted to selected clients, essentially institutional investors, for which
BNP Paribas Securities Services applies strict credit requirements.
¡¡ Bonds and other fixed-income securities, Equities and other variable-income securities mainly include EUR 26.005 million related to
the Securities Lending and Borrowing transactions that accounting rules requires to report as such. The associated debt is accounted
for on the liability side as debt on borrowed securities under other liabilities.
¡¡ Tangible and intangible assets and goodwill include mainly goodwill for a total of EUR 460 million related to acquisitions and legal
restructuring made over the past years. The remainder is mainly information technology investments.
¡¡ Accrued income and other assets on the asset side and Accrued expenses and other adjustments on the liability side amount to EUR
13.927 million and EUR 1.640 million respectively, and include for EUR 11.672 million of cash collateral related to securities lending
and borrowing transactions as well as derivatives clearing activity on the asset side and cash deposits on the liability side.
¡¡ Provisions for contingencies and charges amount to EUR 111 million of which 44 million relate to pension liabilities.
Notes for the BNP Paribas Securities Services profit and loss account
¡¡ In 2014, BNP Paribas Securities Services has seen a significant growth of its activity explained by stock markets re-bounce and
strong commercial momentum. Consequently, assets under custody have increased by 22% compared with 2013 and assets under
management have grown by more than 30%. Also, due to a higher volatility on the financial markets, the level of transactions
settled in 2014 has increased by 17% compared to 2013. On the other hand, despite a decrease during the second half of 2014,
interest rates have shown a favourable trend over the whole year compared to 2013. Consequently, Net banking income shows a
12% increase. Net commissions income, the major source of revenue, is driven mainly by the number of transactions settled and the
value of assets held in custody and administration. Fees and commissions paid include mainly the fees and commissions paid to
sub-custodians and central depositories.
¡¡ General operating expenses show a 10% increase versus 2013, driven mainly by investments to support business development as
well as the consolidation within BNP Paribas Securities Services statutory accounts of the activities acquired in 2013.
¡¡ Depreciation, amortisation and provisions on tangible and intangible assets and goodwill EUR 28.9 million amortisation of
goodwill related to acquisitions and internal legal restructuring made over the past years, mainly in Germany, Spain, Italy,
France and the United Kingdom as well as amortisation related to other tangible and intangible assets.
¡¡ Income tax amounts to EUR 104 million, representing an effective income tax rate of 41%. Consequently, net income shows a 47%
increase.
BNP Paribas Securities Services business organisation as at 31 December 2014
Business carried out
via branches
Australia
Austria
(1)
Belgium
Cyprus(2)
Germany
Greece
Business carried out
via subsidiaries
BNP Paribas Fund Services
Espana S.L.
BNP Paribas Fund Services
Australasia Pty Ltd
BNP Paribas Fund Services
Australia Pty Ltd
New Zealand Branch
BNP Paribas Fund Services
Dublin Ltd
Guernsey
BNP Paribas Trust
Corporation UK Ltd
Hong Kong
France Titrisation S.A.S.
Hungary
BNP Paribas Bank & Trust
Cayman Ltd
Ireland
BNP Paribas Trust Services
Singapore Ltd
Italy
Jersey
Luxembourg
Netherlands
Poland
Portugal
Singapore
Spain
Sweden(3)
BNP Paribas Securities
Services Trust Company
(Jersey) Ltd
BNP Paribas Trust Services
Hong Kong Ltd
BNP Paribas Dealing Services
BNP Paribas Dealing Services
UK Branch
BNP Paribas Dealing Services
Asia Ltd
BNP Paribas
Securities Services Sociedad
Fiduciaria S.A.
Switzerland
United Kingdom
Notes
(1) Business operated remotely from Frankfurt
(2) Business operated remotely from Athens
(3) Business operated remotely from London
(4) BNP Paribas Securities Services share of equity: 51%
(5) BNP Paribas Securities Services share of equity: 49%
(6) BNP Paribas share of equity: 66%
Business carried out
via joint-ventures
BNP Paribas Sundaram
Global Securities
Operations Private Ltd(4)
Sundaram BNP Paribas
Funds Services Ltd(5)
Business carried out via BNP Paribas
subsidiaries or affiliates
Business carried out via BNP Paribas
branches
BNP Paribas Fund Services
France
India
BNP Paribas Financial Services
LLC
United Kingdom
BMCI (Morocco)
BNP Paribas Brazil
BNP Paribas (China) Ltd
TEB Bank (Turkey)
SLIB SA(6)
Stichting Bewaarder
BNP Paribas Beleggingsfondsen NL
BNP Paribas Securities Corporation
BNP Paribas Prime Brokerage Inc.
Japan
United States
Guernsey
Hong Kong
Hungary
India
Ireland
Italy
Ivory Coast
Japan
Jersey
Luxembourg
Morocco
Netherlands
Australia
Austria
Bahrain
Belgium
Brazil
Cayman Islands
Chile
China
Colombia
France
Germany
Greece
BNP Paribas
Securities Services
securities.bnpparibas.com
9 rue du Débarcadère
93500 Pantin
France
@BNPP2S
+33(0) 1 42 98 10 00
BNP Paribas Securities Services
New Zealand
Poland
Portugal
Singapore
Spain
Sweden
Switzerland
Turkey
United Kingdom
USA
BNPParibasSecurities
The information contained within this document (‘information’) is believed to be reliable but BNP Paribas Securities Services
does not warrant its completeness or accuracy. Opinions and estimates contained herein constitute BNP Paribas
Securities Services’ judgment and are subject to change without notice. BNP Paribas Securities Services and its
subsidiaries shall not be liable for any errors, omissions or opinions contained within this document. This material is not
intended as an offer or solicitation for the purchase or sale of any financial instrument. For the avoidance of doubt, any
information contained within this document will not form an agreement between parties. Additional information is available
on request.
BNP Paribas Securities Services is incorporated in France as a Partnership Limited by Shares and is authorised and
supervised by the ACPR (Autorité de Contrôle Prudentiel et de Résolution ) and the AMF (Autorité des Marchés Financiers).
BNP Paribas Securities Services, London branch is authorised by the ACPR, the AMF and the Prudential Regulation Authority
and is subject to limited regulation by the Financial Conduct Authority and Prudential Regulation Authority. Details about
the extent of our authorisation and regulation by the Prudential Regulation Authority and regulation by the Financial
Conduct Authority are available from us on request. BNP Paribas Securities Services, London branch is a member of the
London Stock Exchange. BNP Paribas Trust Corporation UK Limited (a wholly owned subsidiary of
BNP Paribas Securities Services), incorporated in the UK is authorised and regulated by the Financial Conduct Authority.
In the U.S., BNP Paribas Securities Services is a business line of BNP Paribas which is incorporated in France with limited
liability. Services provided under this business line, including the services described in this document, if offered in the U.S.,
are offered through BNP Paribas, New York Branch (which is duly authorized and licensed by the State of New York
Department of Financial Services); if a securities product, through BNP Paribas Securities Corp. or BNP Paribas Prime
Brokerage, Inc., each of which is a broker-dealer registered with the Securities and Exchange Commission and a member
of SIPC and the Financial Industry Regulatory Authority; or if a futures product through BNP Paribas Securities Corp., a Futures
Commission Merchant registered with the Commodities Futures Trading Commission and a member of the National Futures
Association.
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150617U_Financial_BR_EN