Banks opt for Euroclear

News

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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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