J.P. Morgan today announced that it has achieved another major milestone in U.S. Tri-Party Repo Market Reform, completely eliminating more than a third of its intraday credit exposure related to the unwind of Tri-Party Repos. J.P. Morgan has become the first tri-party agent to offer new collateral optimization functionality in the US Fixed Income Repo marketplace; this functionality gives dealers new options to adjust their collateral allocation without requiring credit from the clearing bank.
"Once again, we have delivered on our promise to provide clients with innovative tools that achieve market reforms and reduce their operational burden," notes Mark Trivedi, Managing Director at J.P. Morgan. New features for clients include the ability to reoptimize collateral in term repos during the settlement window, additional intraday security-for-security substitution tools, and the ability to adjust their collateral mix of new repos after the transaction has settled, up to 6:30 p.m.
"Our new infrastructure that supports reoptimization forms the foundation for the rolling settlement and simultaneous exchange modules we will introduce next year," says Trivedi. J.P. Morgan remains on track to deliver these capabilities during the second half of 2013, achieving the Target End State in keeping with the commitments the firm has made to its clients, the markets and the NY Federal Reserve Bank.
For more information on J.P. Morgan's progress in meeting U.S. Tri-Party Repo Market Infrastructure Reforms and achieving the Target End State, visit
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