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 USD cash funds, the ICS Institutional US Dollar Liquidity Fund and the ICS Institutional US Treasury Fund.
Mark Stockley, Head of International Cash at BlackRock, says: “The Asian Same Day Settlement service is intended to provide our institutional clients with greater flexibility. It represents a significant improvement over the previous settlement times, and will allow our clients to fully realize the benefits of investing in BlackRock’s Liquidity Funds.”
Euan McLeod, Senior Product Manager, Transfer Agency, Asia Pacific, JP Morgan Worldwide Securities Services, adds: “We’re pleased to have launched our Asian Same Day Settlement service in conjunction with BlackRock. This is a landmark platform that will provide BlackRock’s clients with a real competitive advantage in the market.”