JPMorgan Tri-Party Repos Engine Goes Live

Kelly Mathieson, JPMorgan

Early this week, JPMorgan successfully completed its first tri-party repo match ahead of the Oct. 3 deadline set by the Tri-Party Repo Market Infrastructure Reform Task Force.

The matching session, which occurred on Aug. 29, follows an 18-month project for the bank, according to Kelly Mathieson, worldwide securities services global custody and clearance executive at JPMorgan.

Of the trades booked that day, 30 percent were entered via the bank's proprietary Repo Access utility. However, JPMorgan can accept a variety of trade instructions from different third-party messaging vendors, such as industry cooperative Swift.

Meanwhile, the bank moved its daily unwind process to 3:30 p.m. from its previous early morning schedule.

"When the daily unwind moved to 3:30 p.m. last week, we were able to cut our normal processing time for the unwind in half, returning cash to investors while allowing dealers to promptly reallocate their collateral," says Mathieson.

The task force moved the deadline later in the day in order to reduce the reliance on intraday credit extended by the major clearing banks.

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