More NewsJP Morgan and BlackRock Launch Same-day Settlement for Asia-Pacific

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:

  • Trades placed before the 14:00 Hong Kong (HK) cut off time receive the benefit of earlier settlement.
  • Using two pricing runs a day, JP Morgan HK will release payments to a client’s correspondent bank via SWIFT during the Hong Kong working day.
  • JP Morgan HK will send a SWIFT MT 103 pre-advice message to the bank of the underlying investor, notifying them of the incoming payment.
  • JP Morgan HK will release payments to the bank of the underlying investor on a best effort basis to ensure receipt of funds on the same day (i.e. T-0 settlement).

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.

Related Articles

Infosys Finacle to power Santander UK’s international cash management system

More News Infosys Finacle to power Santander UK’s international cash management system

3w The Global Treasurer
Preparing for GDPR? Here’s four things to consider

More News Preparing for GDPR? Here’s four things to consider

4m Elliott Wiseman
Cash flow in focus for investors

Cash Management Cash flow in focus for investors

5m Conor Deegan
Treasury TV: Karen Pugsley, Domino's Pizza Group

More News Treasury TV: Karen Pugsley, Domino's Pizza Group

5m Victoria Beckett
Treasury TV: Yeng Butler compares US and European MMF reforms

Compliance Treasury TV: Yeng Butler compares US and European MMF reforms

5m Victoria Beckett
Treasury TV: Tim de Knegt, The Port of Rotterdam

10 Minutes With The Treasury Treasury TV: Tim de Knegt, The Port of Rotterdam

5m Victoria Beckett
Banks are selling clients short with short dated cash deposit U-turns

Banking Banks are selling clients short with short dated cash deposit U-turns

5m Victoria Beckett
What does sterling’s Brexit boost mean for UK manufacturers?

More News What does sterling’s Brexit boost mean for UK manufacturers?

6m Tasja Botha