J.P. Morgan Worldwide Securities Services has gone live with its Direct Custody & Clearing (DCC) platform in Hong Kong as the newest market in its expanded sub-custody business.
The custodian announced two years ago that it would launch DCC capabilities in about 20 markets. So far it has gone live in Australia, Brazil, India, Ireland, New Zealand, Russia, Taiwan, the United Kingdom and the United States.
J.P. Morgan is transitioning clients in-house from HSBC, which it has used as the Hong Kong sub-custodian for its global custody clients.
J.P. Morgan also appointed Michael Drumgoole as head of Direct Custody & Clearing for all of Asia Pacific. He joins J.P. Morgan from SetClear Pte, where he spent five years as deputy COO leading the companys delivery of outsourcing capabilities for international broker-dealers. Before that, he worked at Citi, most recently as regional product development head for Asia.
J.P. Morgan says it already has extensive local market expertise in Hong Kong, best-in-class operational and risk management practices and access to all local market infrastructures, including exchanges, clearing houses and depositaries.
Given an increasingly complex and competitive global environment, it is important that we continue to enhance the services that we provide to our cross-border institutional clients, says Rowena Romulo, global head of DCC at J.P. Morgan Worldwide Securities Services. By providing our international clients with a seamless end-to-end service, we are able to provide a consistent client experience that leverages our global capabilities and deep local market expertise.
(CG)