JP Morgan today announced its GlobeClear business is providing clearing and settlement services for members of the Equiduct Trading System.
Equiduct is a pan-European multilateral trading facility (MTF) owned by the Borse Berlin AG, which provides a platform for investment firms to access securities in Belgium, France, Netherlands, Portugal and the UK. Equiduct expects to expand its offering to include the German market later this year.
Knight Equity Markets International (KEMIL), an Equiduct PartnerEx market-making and HybridBook participant, has executed its first UK trade on Equiduct The trade cleared using GlobeClear's General Clearing Membership at LCH.Clearnet. This was an extension of KEMIL's relationship with GlobeClear, which has provided global clearing and settlement services for KEMIL since 2004.
Mike Reece, head of sales and relationship management for J.P. Morgan GlobeClear in EMEA, said: "This is the latest example of J.P. Morgan GlobeClear's expanding partnership with Knight Equity Markets, further increasing our support for Knight's securities clearing requirement. Being first to market underlines our aim to keep pace with rapidly expanding equity markets, and ensure we are able to support access to new trading venues as soon as they become available to our clients."
This latest offering is the 27th trading venue supported by J.P. Morgan's GlobeClear business and the third MTF to be supported by GlobeClear, in addition to Chi-X and Turquoise. Supporting Equiduct's trading members is a continuation of GlobeClear's strategy to expand its clearing and settlement offering for multiple trading venues to best support its clients' execution requirements.