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Hilliard Lyons chooses JP Morgan for clearing and settlement services

29 October 2009  |  2007 views  |  0 Source: JP Morgan

JP Morgan Worldwide Securities Services today announced that its GlobeClear business has been selected to provide securities clearing and settlement services for foreign trades to JJB Hilliard, WL Lyons, LLC (Hilliard Lyons).

Based in Louisville, KY, Hilliard Lyons is a full-service financial services firm, offering comprehensive service and advice with an extensive menu of investments, including professionally managed accounts by the country's premier managers, in addition to stocks, bonds, options, mutual funds, annuities and insurance, to facilitate the strategies recommended by its network of more than 400 financial consultants.

J.P. Morgan's GlobeClear will provide clearance and settlement for foreign trades for Hilliard Lyons' retail investors in 25 markets. Hilliard Lyons previously had a U.S. government clearance relationship with J.P. Morgan. Now Hilliard Lyons will clear all U.S. government and foreign securities with J.P. Morgan.

"The simplicity and ease of one contact and one clearing agent - no matter how many markets our clients are in today or plan to be in tomorrow - solidified this deal" said Bob Doll, director of operations at Hilliard Lyons.

Tony Amato, vice president and manager of securities processing at Hilliard Lyons, added, "We are also pleased that as a result of this deal, Hilliard Lyons gains access to a number of new technological conveniences, such as online intraday settlement reports and online corporate action elections."

"We look forward to extending our relationship with Hilliard Lyons," said Kelly Mathieson, global head of clearance and collateral management for J.P. Morgan Worldwide Securities Services. "This deal helps demonstrate that regional investment firms can benefit from the same clearing functionality and expertise that J.P. Morgan can offer its larger multinational broker dealer clients."

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