JP Morgan Launches OTC Client Clearing via ASX

JP Morgan has launched an over-the-counter (OTC) client clearing service through the Australian Securities Exchange (ASX), according to a story in The Trade. The US investment bank said that it has become the first ASX OTC clearing participant to launch an agency clearing service for Australian (AUD) and New Zealand (NZD) dollar denominated OTC derivatives. Clients of JP Morgan will benefit from being able to keep all of their AUD and NZD cleared derivatives trades in one clearing house which operates within a single construct through local infrastructure. ASX currently operates the largest listed interest rate derivatives market in Asia, with an annual notional turnover of $53 trillion. It offers an OTC clearing service which provides 24-hour clearing, AUD and NZD coverage, and an automated cross-margining facility.