J.P. Morgan's GlobeClear business has been appointed to provide clearing and settlement services for agency broker Knight Capital Europe, when executing trades on UBS MTF, the pan-European multilateral trading facility (MTF) operated by Swiss investment bank UBS.
GlobeClear provides global clearing and settlement agency services covering fixed income and equities for banks, brokers and hedge funds. The service supports over 50 trading venues, including the major European exchanges and MTFs.
“UBS MTF aims to provide participants with the benefits of choice, fair access and innovation, which led us to establish our central counterparty model,” said Robert Barnes, CEO of UBS MTF. “Through J.P. Morgan's GlobeClear, members will find it easy to connect to UBS MTF through a major global clearing member, accessing cost-efficient matching of multi-country shares spanning blue chips to small caps, exchange traded funds and more.”
UBS MTF was launched in November 2010 as the first broker operated trading venue to use a central clearing model. Orders are matched based on the mid-point price of the primary market, allowing the MTF to forego pre-trade transparency requirements under MiFID.