JPMorgan Investor Services announced today that the New York Mercantile Exchange has subscribed to JPMorgan Message Express, the firm's message management service that provides data mapping, messaging and connectivity to industry utilities.
The New York Mercantile Exchange, the largest physical commodity futures exchange, selected JPMorgan to automate its daily margin settlement process.
"Selecting JPMorgan as a partner was a natural choice for us given the full range of securities services and industry expertise they provide. JPMorgan Chase has provided commercial banking, cash management and other operating services for the Exchange for more than 30 years," said Sean Keating, senior vice president of clearing services at the Exchange.
"Message Express provides the New York Mercantile Exchange with an integrated straight thorough processing solution without the high technology costs associated with multiple and changing requirements of industry and counterparty standards. The Exchange and its clients will benefit from greater operational efficiencies and reduced risk," said Paula Sausville-Arthus, senior vice president, Asset Manager Solutions Group, JPMorgan Investor Services. "We are thrilled to continue building our relationship with the New York Mercantile Exchange," she said.