BBVA, a Spain-based provider of financial and non-financial products and services, and Newedge, a multi-asset brokerage firm, have formed a joint venture to create a brokerage and clearing firm.
Reportedly, the company, which will be known as Altura, will provide execution and clearing services for institutional clients on major listed derivative exchanges. BBVA has said that the combined Spanish entity has E1.2 billion of client assets on deposit and clears around 80 million contracts on the stock exchange per year.
BBVA and Newedge will each have 50% ownership interests in the joint venture, and will combine their leadership positions in the Spanish markets. The partnership substitutes the partnership BBVA had with Calyon Financial, with which it created the brokerage Altura in 2000.
Ricardo Laiseca, head of global markets division, BBVA, said: “We are delighted to join force with Newedge. Together, BBVA and Newedge will create a strong partnership, ensuring that we maintain our status as the No. 1 player in Spain.”
Sverre Hasvold, CEO of the new Altura JV, said: “The combination of the two companies reinforces our competitive positioning in a consolidating industry so that we can continue delivering value to our clients. Through the new joint venture, our customers in Spain and Portugal will have access to more than 85 exchanges worldwide, so wherever they need to conduct business they can be confident of local expertise.”
Patrice Blanc, CEO of Newedge, said: “Newedge’s presence in Spain marks a big step forward thanks to the well established Altura brand. This creates an excellent opportunity for us to deliver our global offer to a large number of institutional clients in Spain and Portugal while further increasing our global coverage.”
