J.P. Morgan Joins EuroCCP as a General Clearing
August 11, 2010 04:03 AM Eastern Daylight Time
LONDON--(EON: Enhanced Online News)--EuroCCP and J.P. Morgan Worldwide Securities Services
announced today that J.P. Morgan has become a general clearing participant (GCP) in EuroCCP, which provides
clearing and settlement services for a wide range of European markets.
J.P. Morgan will be able to offer its clients 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.
“We are pleased that J.P. Morgan has chosen to join EuroCCP,” said Diana Chan, Chief Executive Officer,
EuroCCP. “Given today’s 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.
“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,” said Chan.
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.”
European Central Counterparty Limited (EuroCCP) is a UK-incorporated, FSA-regulated Recognised Clearing
House. It is the European subsidiary of The Depository Trust & Clearing Corporation (DTCC) and is headquartered
in London. EuroCCP was formed to provide clearing and settlement services for a wide range of European markets,
offering the scale economies of the US market and risk management expertise to European market participants. It
currently clears equity trades in 19 markets. EuroCCP has been appointed to provide central counterparty services
by Turquoise, SmartPool, NYSE Arca Europe and Pipeline for equity trades. EuroCCP has also entered into a
Memorandum of Understanding with NASDAQ OMX to provide clearing services for its exchanges in
Copenhagen, Helsinki and Stockholm. EuroCCP currently counts as clearing participants 27 of the major pan-
European equity market players. Market participants can trade equities on any venue EuroCCP supports and have
their transactions netted for settlement and/or margin purposes for the same security traded on the same day, thereby
reducing costs and operational risks. EuroCCP is a strong advocate of CCP interoperability and is in the process of
achieving interoperability with LCH.Clearnet, SIX x-clear and EMCF. For more information on EuroCCP, visit
About J.P. Morgan Worldwide Securities Services
J.P. Morgan Worldwide Securities Services (WSS) is a premier securities servicing provider that helps institutional
investors, alternative asset managers, broker dealers and equity issuers optimize efficiency, mitigate risk and enhance
revenue. A division of JPMorgan Chase Bank, N.A., WSS leverages the firm's unparalleled scale, leading
technology and deep industry expertise to service investments around the world. It has $15.3 trillion in assets under
custody and $6.5 trillion in funds under administration. For more information, go to www.jpmorgan.com/visit/wss.
About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.0 trillion and
operations in more than 60 countries. The firm is a leader in investment banking, financial services for consumers,
small business and commercial banking, financial transaction processing, asset management and private equity. A
component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the
United States and many of the world’s most prominent corporate, institutional and government clients under its J.P.
Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.
+1 212 855 5424
Lucie Holloway, Citigate
+44 (0)20 7638 9571
Juliana Wheeler¸ J.P. Morgan
+44 207 325 5755
John Sarsfield, Penrose Financial
+44 (0)20 7786 4830