JP Morgan Joins CHAPS
JP Morgan Treasury Services has become a direct member of the Clearing House Automated Payment System (CHAPS), the UK’s high-value, same-day payment system, enabling it to clear its UK sterling payments directly through CHAPS. JP Morgan is already a settlement bank in the UK Centralised Securities Depository System (CREST), which allows it to directly settle the cash portions of securities transactions within CREST.
Alice Gregoriadi, head of core cash Europe, the Middle East and Africa (EMEA), JP Morgan, said: “JP Morgan’s direct membership of CHAPS allows us to extend our strong client service and clearing capabilities, developed in our market leading US dollar and euro clearing services, and apply them to our sterling clearing solutions. This means clients will benefit from competitive solutions as we launch our sterling clearing services later this year.”