J.P. Morgan has become EuroCCPs 16th general clearing participant, giving the banks clients trading access to Turquoise, SmartPool, NYSE Arca Europe and Pipeline through GlobeClear, J.P. Morgans centralised clearing, settlement and custody platform.
EuroCCP will facilitat the netting of transactions.
GlobeClear has already been offering third party clearing and settlement services for trades executed on the SmartPool and NYSE Arca Europe trading platforms since 2009.
We are pleased that J.P. Morgan has chosen to join EuroCCP, said Diana Chan, chief executive officer, EuroCCP. Given todays focus on risk management and cost efficiencies, market participants are looking for ways to reduce their overall trading costs, while maintaining the highest level of service and safety. EuroCCP has been instrumental in driving down the costs associated with clearing pan-European equity trades, while at the same time steadily adding new services and capabilities that support our customers business.
Kelly Mathieson, global business executive for J.P. Morgan Clearance and Collateral Management, said: We are delighted to become a general clearing participant in EuroCCP. This move demonstrates our commitment to supporting our clients trading activities across multiple venues and markets and represents a significant investment in direct market connectivity to enhance the service we offer to our clients. We value our partnership with EuroCCP, which supports some of the largest venues in Europe, as we accelerate our program of direct exchange support.