J.P. Morgan Launches Broker Dealer Fee Lock Solution for Depositary Receipt Issuance & Cancellation
NEW YORK - J.P. Morganís Depositary Receipts (DR) Group today announced that it is launching Issuance & Cancellation (I&C) Lock, a new patent pending solution that allows broker dealer clients to purchase a contract that establishes a future rate for DR issuance and cancellation activity.
By purchasing an I&C Lock, broker dealers will have the right, but not the obligation, to execute issuance and cancellation transactions in the future at a predetermined rate. This will provide greater flexibility for meeting their DR investment and trading strategy objectives. The I&C Lock contracts are issued and maintained by J.P. Morganís DR Execution Desk.
ďThe I&C Lock solution further demonstrates J.P. Morganís leadership and innovation in the DR marketplace,Ē said Claudine Gallagher, global head of J.P. Morganís DR group. ďNo other depositary bank can offer this patent pending product today.Ē
ďAs broker dealers gain greater control of their costs by moving DR fees from a variable to fixed cost structure, they will have incentive to trade more, which leads to greater liquidity in the marketplace,Ē said James Proctor, global head of J.P. Morganís DR Execution Desk.
For market information on DRs and international equities go to J.P. Morganís award-winning Web site www.adr.com. For more information on J.P. Morganís DR services please visit http://www.jpmorgan.com/visit/adr.
About J.P. Morgan Chase & Co.
J.P. Morgan Chase & Co. (NYSE: JPM), is a leading global financial services firm with assets of $2.0 trillion and operations in more than 60 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management, and private equity. A component of the Dow Jones Industrial Average, J.P. Morgan Chase & Co. serves millions of consumers in the United States and many of the worldís most prominent corporate, institutional and government clients under its J.P. Morgan, Chase, and Washington Mutual brands. Information about J.P. Morgan Chase & Co. is available at www.jpmorganchase.com.
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