JP Morgan clients suffer in interbank repo basis blowout

Suspension of DTCC service leaves market "in uncharted territory"

JP Morgan's interbank repo customers have been cut off from rest of market

The suspension of the Depository Trust & Clearing Corporation's (DTCC) interbank repo clearing service last week has seen borrowing costs jump for banks that use JP Morgan to clear their trades rather than rival clearer, BNY Mellon.

The DTCC's service allowed participants in the market to trade with each other, regardless of which of the two big clearing banks they used. It was suspended after a proposed overhaul – prompted by regulatory concerns about intraday credit risk within the service –

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to View our subscription options


Want to know what’s included in our free membership? Click here

This address will be used to create your account

Most read articles loading...

You need to sign in to use this feature. If you don’t have a account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here