J.P. Morgan has extended its collateral management product in order to enhance the security and control over excess collateral.
The additional service will support clients' listed derivative and OTC cleared activity, allowing them to maintain excess collateral in a depository institution, JPMorgan Chase Bank N.A., separate from their clearing broker, and have on-demand reporting and access to their account.
The service will also allow a client to centralize the movement of collateral as needed to meet margin requirements across any clearing broker, allowing clients greater operational efficiency by reducing the time needed to reconcile accounts.
"In addition to greater transparency and operational efficiency, this product enhancement also is designed to provide clients with increased confidence in how their collateral is managed," said Emily Portney, head of Agency Clearing, Collateral and Execution (ACCE) at J.P. Morgan. "That peace of mind is important given recent events."
ACCE, a business that resides in J.P. Morgan's Corporate Investment Bank (CIB), spans teams from the former Worldwide Securities Services and Investment Bank. ACCE provides agency clearing, collateral management and execution for CIB clients. The business brings existing capabilities under one roof in order to provide a holistic, end-to-end solution to J.P. Morgan clients across both the buyside and sellside.