Societe Generale mandated by Agence France Locale to process derivatives operations

Societe Generale, through its securities services business, Societe Generale Securities Services (SGSS) and its derivatives broker, Newedge, has been mandated by Agence France Locale to process its OTC derivatives operations.

Societe Generale won this mandate following an RFP which was issued for the creation of Agence France Locale, recognising the breadth of the bank’s offer and its overall expertise in managing outsourced back- and middle-office functions for derivatives. The offer retained by Agence France Locale, « Orchestra », which combines the expertise of SGSS and Newedge, comprises a range of services from the securities services business which covers the whole value chain for derivatives, in particular custody, clearing & settlement, middle-office operations and collateral management.

These services are strengthened and complemented by Newedge’s expertise in execution and clearing, thus enabling Societe Generale to provide Agence France Locale with a single and totally integrated third-party market solution.

Against the background of the relationship of confidence built between Societe Generale and Agence France Locale, SGSS has also been retained to provide custody services for the cash portfolio held by Agence France Locale, thus increasing the range of assets under custody and establishing a “cross-asset” service.

Launched in October 2013, Agence France Locale is the union of all types of French local authorities around a single mission: to fund their investments without an intermediary. This pooled access to the financial market offers members simple loans with optimal conditions.

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