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JPM Unveils Repo Matching Engine

JP Morgan Worldwide Securities Services has launched a repo trade matching engine to enhance the operating model of the US tri-party repo market, in support of the May 2010 recommendations of the tri-party repo Infrastructure Task Force sponsored by the Federal Reserve Bank of New York’s private sector Payments Risk Committee.

The matching engine can take trade instructions via a variety of different messaging types from tri-party repo cash lenders. These lenders – including asset managers, pensions, and government institutions – will be able to view the matching status of their trades through the bank’s proprietary Repo Access platform. Dealers will be able to view the matching status of their trades through JPM’s Broker Dealer Automated System (BDAS).

“This functionality is a key step towards improving market transparency, a primary area of focus for the Task Force,” says Mark Trivedi, executive director for global custody and clearing at JP Morgan. “By introducing this functionality early, cash lenders in the JP Morgan tri-party program get an advance start on their transition to the new matching process.”

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