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TRENDING TAGS
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- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
- Catherine Keating Appointed CEO of BNY Mellon Wealth Management
- Credit Suisse to Pay $47Mn to Resolve DOJ Asia Probe
- SEC Chair Clayton Goes 'Hat in Hand' Before Congress on 2019 Budget Request
- SEC's Opening Remarks to the Elder Justice Coordinating Council
- Massachusetts Jury Convicts CA Attorney of Securities Fraud
- Deutsche Bank Says 3 Senior Investment Bankers to Leave Firm
- World’s Biggest Hedge Fund Reportedly ‘Bearish On Financial Assets’
- SEC Fines Constant Contact, Popular Email Marketer, for Overstating Subscriber Numbers
- SocGen Agrees to Pay $1.3 Billion to End Libya, Libor Probes
- Cryptocurrency Exchange Bitfinex Briefly Halts Trading After Cyber Attack
- SEC Names Valerie Szczepanik Senior Advisor for Digital Assets and Innovation
- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
- NYSE Says SEC Plan to Limit Exchange Rebates Would Hurt Investors
- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
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Not So Fast: JPMorgan May Need to Revise Timeline for Exiting the Settlement Business
JPMorgan Chase may need to change its timeline for an exit from the business of settling trades of U.S. government securities, Federal Reserve Governor Jerome Powell said on Monday. Powell said JPMorgan had publicly recognized the importance of not disrupting financial markets when it leaves the business.
"The timeline set for a gradual transition over the next 2 years should be sufficient to avoid significant dislocations," Powell said. "However, if unexpected complications arise, that timeline may need to be adjusted."
Currently, JPMorgan and BNY Mellon are the only 2 companies that provide settlement services for U.S. government securities. "Any disruptions to these critical market services could have serious consequences for financial stability," Powell said, adding that the BNY Mellon will continue to be held to higher standards of resilience given its systemic importance.
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