JPMorgan Launches Same-Day Settlement Of Euro Commercial Paper.Business Editors LONDON & NEW YORK--(BUSINESS WIRE)--Aug. 8, 2002 JPMorgan Institutional Trust Services today initiated same-day settlement of the first Euro Commercial Paper (ECP (Enhanced Capabilities Port) See IEEE 1284. 1. ECP - Engineering Change Proposal. 2. ECP - Enhanced Capabilities Port. 3. ECP - Extended Capabilities Port. 4. ECP - Extended Concurrent Prolog. ) issuance via Euroclear France. J.P. Morgan Securities Ltd. was dealer for ECP issuer Reseau ré·seau or re·seau n. pl. réseaus or réseaux 1. A net or mesh foundation for lace. 2. Astronomy Ferre De France, the owner and the manager of the French railway infrastructure, rated A1+/P1/F1+. This innovative capability provides an alternative to overnight and term liquidity for company treasurers and represents an important advance in service. "Providing same-day settlement puts JPMorgan squarely in the forefront of facilitating fully automated settlement of ECP, which will help promote market growth," said Samir Pandiri, a senior vice president of JPMorgan. "This initiative demonstrates JPMorgan's commitment to the global commercial paper market, as well as the firm's leadership in developing access to new growth markets." A leader both in addressing market demands and in technological innovation, JPMorgan is the first Issuing and Paying Agency (IPA IPA - International Phonetic Alphabet ) to provide automated same-day settlement to the Euro market. According to Ray Morison, a vice president of JPMorgan who serves as chairman of the International Paying Agents Association, "the combination of automated same-day settlement and the European Pre-Issuance Messaging initiative will lay the foundation for straight-through processing straight-through processing The direct exchange of cash and securities. Straight-through processing is a major objective for cross-border transactions that are generally much more costly to settle compared to domestic transactions. for the Euro market." Demand for same-day settlement has long been an issue throughout the industry as a whole, but the capability requires a high level of automation. Euroclear France, via its RGV RGV Rio Grande Valley RGV Rail Guided Vehicle RGV Ram Gopal Verma (Indian director) RGV Remote Gate Valve (pipelines) system, responds to this requirement. The European Pre-Issuance Messaging (EPIM (Ethernet Port Interface Module) A plug-in module for a particular type of Ethernet port. Used in network devices such as hubs and switches, it enables different types of Ethernets (10Base-T, 10Base2, etc.) to be attached. ) initiative, sponsored by Euroclear, Clearstream and The Depository Trust & Clearing Corporation (DTCC DTCC See: Depository Trust and Clearing Corporation ), will reduce the time needed to obtain an International Securities Identification Number. JPMorgan settled its first ECP issue via the EPIM system on July 22, 2002. J.P. Morgan Chase & Co. is a leading global financial services firm with assets of $741 billion and operations in more than 50 countries. With relationships with over 99% of the Fortune 1000 companies, the firm is a leader in investment banking, asset management, private banking, private equity, custody and transaction services, and retail and middle market financial services. A component of the Dow Jones Industrial Average Dow Jones Industrial Average The best known U.S. index of stocks. A price-weighted average of 30 actively traded blue-chip stocks, primarily industrials including stocks that trade on the New York Stock Exchange. , JPMorgan Chase is headquartered in New York and serves more than 30 million consumer customers and the world's most prominent corporate, institutional and government clients. Information about JPMorgan Chase is available on the internet at www.jpmorganchase.com. |
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