JP Morgan and BlackRock have launched a same-day settlement platform in Asia-Pacific. The Asian Same-day Settlement service, which is provided by JP Morgan’s transfer agency business, will provide BlackRock’s institutional clients based in Asia with the opportunity to process trades during Asian business hours and to receive the same day use of the funds. The service will initially be available for BlackRock’s two key US dollar cash funds, the ICS Institutional US Dollar Liquidity Fund and the ICS Institutional US Treasury Fund.
Some key features of the Asian Same-day Settlement service include:
- Trades placed before the 14:00 Hong Kong (HK) cut off time receive the benefit of earlier settlement.
- Using two pricing runs a day, JP Morgan HK will release payments to a client’s correspondent bank via SWIFT during the Hong Kong working day.
- JP Morgan HK will send a SWIFT MT 103 pre-advice message to the bank of the underlying investor, notifying them of the incoming payment.
- JP Morgan HK will release payments to the bank of the underlying investor on a best effort basis to ensure receipt of funds on the same day (i.e. T-0 settlement).
The launch of the Asian Same-day Settlement service follows the announcement that BlackRock has partnered with JP Morgan to outsource the investment management firm’s fund fax dealing desk, a move which has provided BlackRock’s clients with greater processing efficiencies and faster execution of trades.
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