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New York, March 26, 2012 – J.P. Morgan Worldwide Securities Services today announced that its Auto Substitution product has won the award for ‘Best Clearing & Settlement Initiative’ in the second annual FTF News Technology Innovation Awards 2012. The award recognizes the provider or user firm that has achieved a level of excellence in the efficient clearing and settlement of market transactions. J.P. Morgan was chosen by industry participants from an initial short list of five providers selected by the FTF News editorial panel.
J.P. Morgan’s patent-pending Auto Substitution, which is unique in the market, allows dealers to substitute eligible securities or cash for assets held in tri-party repo loans. Currently, more than 3,300 security-for-security substitutions take place each day, averaging 0.089 seconds per substitution.
According to Mark Trivedi, product executive for global custody at J.P. Morgan Worldwide Securities Services, “During the transition of the daily unwind from early morning to 3:30 p.m. last summer, Auto Substitution provided dealers access to their collateral throughout the trading day and supported the market liquidity to which they are accustomed.” The shift in timing significantly reduced the reliance on intraday credit extended by clearing banks, a key step in U.S. Tri-Party Repo Market Reforms. Trivedi notes that Auto Substitution evidences J.P. Morgan’s ongoing commitment to increasing the stability and reliability of tri-party repos as an essential financing vehicle.
“We’re honored to have received this recognition from FTF News and the industry for Auto Substitution. This market-leading product is one of many developed as part of J.P. Morgan’s comprehensive investment program in technology and operations, and reflects our commitment to enhancing tri-party repo as a financing mechanism,” said Michael Albanese, global head of clearance for J.P. Morgan Worldwide Securities Services.
About J.P. Morgan Worldwide Securities Services
J.P. Morgan Worldwide Securities Services (WSS) is a premier securities servicing provider that helps institutional investors, alternative asset managers, broker dealers and equity issuers optimize efficiency, mitigate risk and enhance revenue. A division of JPMorgan Chase Bank, N.A., WSS leverages the firm’s global scale, leading technology and deep industry expertise to service investments around the world. It has $16.9 trillion in assets under custody and $7 trillion in assets under administration. For more information, go to www.jpmorgan.com/visit/wss.
About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.3 trillion and operations in more than 60 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.