Standard Bank and Legae Peresec cement tie-up
Bank to clear derivatives of SA's largest stockbroker
Standard Bank has bagged a deal that will see it look after securities of the largest stockbroker in SA. The bank announced on Thursday that it has been awarded the domestic custody and derivatives clearing business of Legae Peresec. The bank will be responsible for clearing derivatives of the largest stockbroker in the country on all trading platforms. Clearing happens after trading transactions are entered into to ensure that trades are settled correctly and in time. Legae Peresec was formed from the merger of Peregrine Securities and SA’s oldest black stockbroker, Legae Securities, in February. At the time of the merger, Standard Bank reported that Legae Peresec had the largest market share on the JSE and derivatives markets by both value traded and volume. The company serves institutional clients, asset managers, broker dealers and investment banks, among many others. Given its focus on equities, derivatives, exchange-traded funds and multiple currencies, the sheer volume of ...
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