JP Morgan has become a general clearing participant (GCP) in EuroCCP, which provides clearing and settlement services for a wide range of European markets. JP 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 JP Morgan has chosen to join EuroCCP,” said Diana Chan, chief executive officer (CEO), 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.”
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