Investment bank J.P. Morgan has become a general clearing participant in central counterparty EuroCCP, which will enable its clients to trade and clear on all the markets covered by the clearing house.
EuroCCP currently provides central counterparty services to trading platforms including multilateral trading facilities Turquoise and NYSE Arca Europe, and dark pools Pipeline and SmartPool.
These trading venues will now be accessible via J.P. Morgan's GlobeClear 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.
Diana Chan, chief executive officer, EuroCCP, said, “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.”
“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,” she added.