French bank BNP Paribas and market maker Global Trading Systems are teaming up to trade US Treasuries, adding to a string of deals in which banks have tapped the computing power of high frequency traders rather than face the costly task of revamping their own systems.

BNP Paribas will lean on GTS’s technology in an attempt to improve pricing for its clients and boost its market share of US Treasury trading.

Olivier Osty, executive head of global markets at BNP, told the FT that, based on the partnership, the bank aimed to boost its share in US Treasury trading from 1.5 to 5 per cent over the next 12 to 18 months.

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