JP Morgan has joined UK-based clearing house European Central Counterparty (EuroCCP) as a general clearing participant.
JP Morgan will be able to offer its clients with the ability to trade on any of the venues for which EuroCCP clears, including Turquoise, SmartPool, Nyse Arca Europe and Pipeline, through its ‘GlobeClear’ single access point for clearing, settlement and custody services in international markets.
Market participants can have their transactions netted through EuroCCP, for settlement and margin purposes, thereby reducing costs and operational risks.
Diana Chan, CEO of EuroCCP, said: “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.
“We expect that the number of market participants who seek to gain access to the benefits of our service and at-cost business model will grow, as we continue to expand the depth and range of our products and increase the number of trading platforms we support.”
Kelly Mathieson, global business executive for clearance and collateral management at JP Morgan, said: “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.”
FSA-regulated EuroCCP is the European subsidiary of The Depository Trust & Clearing Corporation (DTCC) and is headquartered in London.