(24 February 2006 – Taiwan) JPMorgan has extended its Asian clearing services business after becoming the first foreign broker to start providing these services on the Taiwan Futures Exchange.JPMorgan will provide clearing services for international customers through a new trading mechanism that allows the bank to offer clients easier access to the exchange.
JPMorgan head of futures and options for Asia, Jonathan Glass, said Taiwan had tremendous potential given the largely untapped qualified foreign institutional investors that currently account for only three percent of local futures and options trading volume.
“We are confident that foreign investor participation in Taiwan’s futures and options market will reach the levels of other mature Asian markets as the local environment continues to improve,” he said.
JPMorgan provides clearing services in Australia, India, Hong Kong and South Korea.
The bank said foreign investors accounted for more than 15 percent of local futures and options trading markets in markets such as South Korea and Hong Kong.