Statement On JPMorgan's Choice of Euroclear as its ICSD

Tom Swayne has issued his resignation from the Clearstream Board of Directors in light of the decision of Clearstream to enter into exclusive negotiation with Deutsche Brse AG. JPMorgan Chase supports a "horizontal" solution to the clearance and settlement infrastructure

By None

Tom Swayne has issued his resignation from the Clearstream Board of Directors in light of the decision of Clearstream to enter into exclusive negotiation with Deutsche Brse AG.

JPMorgan Chase supports a “horizontal” solution to the clearance and settlement infrastructure question, while the Deutsche Brse advocates a “vertical” solution. The horizontal approach allows settlement and clearing services to remain separate from exchanges by being user-owned and operated. The vertical approach allows for exchanges to control and own trade processing houses for their shareholders.

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