JP Morgan moves towards same-day commercial paper settlement.

Financial News, July, 2002

Byline: Heather McKenzie

JP Morgan has taken a step towards introducing straight-through processing (STP) to the commercial paper market by settling its first Euro Commercial Paper issue via the European Pre-Issuance Messaging (Epim) system.Epim is a joint venture between the European clearing and settlement organisations Euroclear and Clearstream International and their US counterpart, the Depository Trust and Clearing Corporation (DTCC).

The system automates the pre-issuance information processing and the International Securities Identification Number (Isin) allocation for new issues of Euro Commercial Papers and related money market instruments.

As a central messaging hub, it links participants in the Euro Commercial Paper market...

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