JP Morgan Worldwide Securities Services has launched a repo trade matching engine. This new functionality will enhance the operating model of the US tri-party repo market, in support of the May 2010 recommendations of the Tri-party Repo Infrastructure Task Force, sponsored by the Federal Reserve Bank of New York’s private sector Payments Risk Committee.
The matching engine can take trade instructions via a variety of different messaging types from tri-party repo cash lenders. These lenders – including asset managers, pensions, and government institutions – will be able to view the matching status of their trades through JP Morgan’s proprietary repo access platform. Tri-party repo dealers will be able to view the matching status of their trades through JP Morgan’s Broker Dealer Automated System (BDAS).
Mark Trivedi, JP Morgan executive director for global custody and clearing, said: “This functionality is a key step towards improving market transparency, a primary area of focus for the Task Force. By introducing this functionality early, cash lenders in the JP Morgan tri-party programme get an advance start on their transition to the new matching process.”
JP Morgan is introducing these new tools and processes to its cash lender clients, prior to the August 2011 deadline set for the Task Force for three-way trade matching.
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