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BNP Paribas to shut Hong Kong 'dark pool' business: sources
[HONG KONG] BNP Paribas is shutting down a private trading platform in Hong Kong that allows investors to buy and sell shares anonymously, popularly known as 'dark pools', two people with direct knowledge of the matter told Reuters on Friday.
BNP has become one of the first victims of tough new Hong Kong rules that are set to increase the cost and risk of operating such businesses in the financial centre as of next month when they come into force.
The French bank sent a note to clients earlier this week saying it was closing its BNP Internal Exchange, or 'BIX'platform, as of next month, the sources, who are aware of the note, said.
The sources declined to be identified as the information is not public. BNP declined to comment.