Société Générale and Calyon launch new brokerage

Société Générale and Calyon have merged the brokerage activities of their respective subsidiaries, Fimat and Calyon Financial, and launched a new brokerage house called Newedge, based in Paris. The two banks will equally control Newedge and have appointed senior bankers to run the firm.

Patrice Blanc, chairman and chief executive officer of Fimat, has been appointed CEO of Newedge, and Richard Ferina, chairman and CEO of Calyon Financial, will take up the position of deputy CEO.

Meanwhile, Marc Litzler, CEO of Calyon, has been named chairman and Philippe Collas, deputy CEO of Société Générale, will serve in the capacity of vice-chairman. Both appointments are effective for two years. Blanc, Litzler and Collas will be based in Paris and Ferina will be based in Chicago.

Newedge offers its clients clearing and execution services, covering options and futures for financial products and commodities, as well as for money market instruments, bonds, foreign exchange, equities and commodities on over-the-counter markets. It also provides prime brokerage services, an electronic platform for trading and order routing, and the processing and centralised reporting of client portfolios.

see also:
SocGen and Calyon agree to merge derivatives brokerages
SG and Calyon announce brokerage merger intentions