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J.P. Morgan today announced Auto Substitution, new functionality that will enhance the operating model of the U.S. Tri-Party Repo market in support of the recommendations issued recently by the Payments Risk Committee-sponsored Tri Party Repo Infrastructure Task Force. Auto Substitution addresses the primary component of Recommendation 1 of the Task Force - implement operational enhancements to achieve the practical elimination of intraday credit by the clearing banks. It also presents the opportunity to reduce the sizeable credit risks historically associated with the $2 trillion Tri-Party Repo market, while allowing dealers to retain access to securities required for intra-day trading.