Banks opt for Euroclear

JP Morgan and UBS Warburg’s decision to move their assets from Clearstream to Euroclear last month could prompt other banks to follow their lead. JP Morgan will shift €150 billion in custody assets, while UBS has said it will move some of its €280 billion in assets.

The action is widely considered to be a protest at the failed merger between Clearstream and Euroclear, and is another nail in the coffin for the harmonisation of Europe’s clearing process and achieving cheaper settlement costs.


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