JP Morgan Worldwide Securities Services has launched its direct
custody and clearing platform in Hong Kong.
The launch of the DCC platform is part of the company's global
rollout strategy for the division and setting up in Hong Kong
complements this plan. The division's current market include
Australia, Brazil, India, Ireland, New Zealand, Russia, Taiwan,
the UK and the US.
"The firm's global clients will benefit from JP Morgan's
extensive local market presence in Hong Kong, operational and
risk management practices and access to all local market
infrastructures, including exchanges, clearing houses and
JP Morgan Worldwide Securities Services
in a statement.
Michael Drumgoogle has been hired to serve as head of direct
custody and clearing for Asia-Pacific. Drumgoole joins from
SetClear, where he used to be the deputy chief operating officer.
Prior to that, he spent 19 years with Citi, most recently as
regional product development head for Asia.