JP Morgan Worldwide Securities Services, a division of JP Morgan Chase Bank, said that its GlobeClear business has been selected to provide securities clearing and settlement services for foreign trades to Kentucky-based JJB Hilliard, WL Lyons (Hilliard Lyons) in 25 markets.
Hilliard Lyons previously had a US government clearance relationship with JP Morgan. Now Hilliard Lyons will clear all US government and foreign securities with JP Morgan. Hilliard Lyons is a full-service financial services firm, offering services and advice with a menu of investments, including professionally managed accounts, in addition to stocks, bonds, options, mutual funds, annuities and insurance, to facilitate the strategies recommended by its network of financial consultants.
Tony Amato, vice president and manager of securities processing at Hilliard Lyons, said: “We are also pleased that as a result of this deal, Hilliard Lyons gains access to a number of new technological conveniences, such as online intraday settlement reports and online corporate action elections.”
Kelly Mathieson, global head of clearance and collateral management for JP Morgan Worldwide Securities Services, said: “We look forward to extending our relationship with Hilliard Lyons. This deal helps demonstrate that regional investment firms can benefit from the same clearing functionality and expertise that JP Morgan can offer its larger multinational broker dealer clients.”
