Multinational banking and financial services holding company J.P. Morgan (NYSE:JPM) announced that clears its first NDF trades with LCH ForexClear on behalf of non-member clients since the introduction of uncleared margin rules
FX is the latest addition to J.P. Morgan’s OTC clearing offering and highlights its commitment to providing clients a comprehensive platform across all asset classes. In light of the upcoming MIFID II clearing straight-through-processing requirements and the growth in cleared volumes since the new variation margin rules came into effect, which J.P. Morgan see as a catalyst for clearing, this launch aims to provide clients full transparency of the clearing status from point of execution through to settlement.
Nick Rustad
Nick Rustad, Managing Director, Head of Global Clearing J.P. Morgan said:
This launch is focused on automation of flow which is key to our non-member clients. It enables us to provide clients greater transparency of the clearing status of their trades from execution to settlement. This was a joint effort across Execution and Clearing businesses, as part of J.P. Morgan’s commitment to support non-member clients in the cleared FX space.
Paddy Boyle, Global Head of ForexClear, LCH, added:
LCH continues to see record volumes growth at ForexClear, as the introduction of the uncleared margin rules continue to drive material demand for clearing across dealers and end users. We are delighted to welcome J.P. Morgan to ForexClear as an active clearing broker, and look forward to working with them and their clients to further extend the significant margin, capital, risk and operational benefits of clearing to the broader FX community.