BlackRock's institutional clients based in Asia will now be able to process trades during Asian business hours and receive the same day use of the funds, due to the JP Morgan and BlackRock Asian Same Day Settlement platform.
The firms just launched the platform in Asia Pacific and the service will initially be available for BlackRock’s two USD cash funds, the ICS Institutional US Dollar Liquidity Fund and the ICS Institutional US Treasury Fund. The service will be provided by JP Morgan's transfer agency business.
Mark Stockley, head of international cash at BlackRock, said: “The Asian Same Day Settlement service is intended to provide our institutional clients with greater flexibility. It represents a significant improvement over the previous settlement times, and will allow our clients to fully realise the benefits of investing in BlackRock’s Liquidity Funds.”
BlackRock also partnered with JP Morgan to outsource the investment management firm’s fund fax dealing desk, a move which provided BlackRock’s clients with greater processing efficiencies and faster execution of trades.
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