JP Morgan and BlackRock Launch Same-day Settlement for Asia-Pacific
JP Morgan and BlackRock have launched a same-day settlement platform in Asia-Pacific. The Asian Same-day Settlement service, which is provided by JP Morgan’s transfer agency business, will provide BlackRock’s institutional clients based in Asia with the opportunity to process trades during Asian business hours and to receive the same day use of the funds. The service will initially be available for BlackRock’s two key US dollar cash funds, the ICS Institutional US Dollar Liquidity Fund and the ICS Institutional US Treasury Fund.
Some key features of the Asian Same-day Settlement service include:
The launch of the Asian Same-day Settlement service follows the announcement that BlackRock has partnered with JP Morgan to outsource the investment management firm’s fund fax dealing desk, a move which has provided BlackRock’s clients with greater processing efficiencies and faster execution of trades.