J.P. Morgan Worldwide Securities Services GlobeClear business has been appointed to provide clearing and settlement services for Knight Capital Europe Limited when executing trades on Pipelines Block Board, the pan-European multilateral trading facility (MTFs) for equity blocks.
With the addition of Pipelines Block Board, GlobeClear supports more than 60 OTC and 50 trading venues, providing access to the major European exchanges and MTFs. It provides clearing and settlement agency services covering all fixed-income and equity securities for banks, brokers and hedge funds that want to trade in the global markets.
The provision of clearing and settlement services for Knight on Pipelines Block Board is an important component of GlobeClears market coverage and connectivity, says Mike Reece, market manager for banks and broker-dealers for J.P. Morgan Worldwide Securities Services in Europe, the Middle East and Africa. A choice of venues and services is more important than ever for our clients. It is vital for market participants to connect to a range of exchanges and MTFs to access liquidity across a fragmented market.
Marcus Hooper, executive director of Pipeline Europe, adds: Pipelines Block Board services 14 European markets and over 3,500 stocks. As block MTF trading continues to grow in Europe, members like Knight will be able to reduce their risk exposure by using GlobeClear to clear block trades.
GlobeClear enables clients to better manage the complexities of clearing, settlement and custody in international markets. By providing a single access point to global markets, GlobeClear eliminates the need for financial institutions to maintain multiple clearing relationships.
(CM)