Showing posts with label J.P. Morgan. Show all posts
Showing posts with label J.P. Morgan. Show all posts

Thursday, May 10, 2012

Star Wars and the Austrian School: Introducing Darth Plagueis


By Zach Foster

Darth Plagueis was a dark lord of the Sith so powerful and so wise, he could… even keep the ones he cared about from dying…  The dark side of the Force is a pathway to many abilities, some considered to be unnatural.  He became so powerful, the only thing he was afraid of was losing his power.
—Supreme Chancellor Palpatine, a.k.a. Darth Sidious[1]


After much disappointment expressed by the public over the quality and substance of the Prequel Trilogy—grudgingly accepted by diehard fans—comes a novel to save the day and save the prequels, especially Episodes I and II.  James Luceno’s Darth Plagueis excellently brings together the seemingly scattered events of the prequels to not only tie up loose ends, but also offers greater understanding of these films and a greater appreciation of the Star Wars storyline.  Better yet, Darth Plagueis is a novel that could speak volumes on behalf of the Austrian School!

Let it be clear that this is unlike most Star Wars novels.  It isn’t action-packed, but rather philosophical, explaining the teachings of the Sith, the logic for and against the Rule of Two, and the Grand Plan for the revenge of the Sith.  Much like The Count of Monte Christo, Darth Plagueis uses politics, deception, and intrigue to move the plot forward over a chronological span of several decades.

The novel also answers some pressing questions, including why Darth Maul was killed by a padawan and not a Jedi Master.  Another is how and where Count Dooku came into the picture, his frustrations with the weakening Republic, how he would have become a Sith Lord, and why Dark Jedi are leaping out of every nook and cranny while the Rule of Two is still in effect.  Some of the glimpses of the growing military industrial complex give insights on the development of the technology used by the Trade Federation, the Intergalactic Banking Clan, and the Techno Union which not only would make the droid army possible, but also the cyborg technology used to revive General Grievous and eventually Darth Vader.   The novel even covers the open ends made in The Clone Wars series, including Darth Maul having a brother and a psycho godmother.

Rest assured that this article contains some major spoilers, but critical for the brief analysis that must be included in this book review.  Darth Plagueis, known to his business associates as Hego Damask, is a seldom-known figure who mostly operates and does his transactions behind closed doors and out of the limelight, yet is one of the most powerful beings in the galaxy.  He is personally responsible for setting in motion the chain of events that would lead to the rise of the Empire under Palpatine.

Damask, Majister (both CEO and head of state) of the clandestine financial group Damask Holdings, follows the Muun species’ tradition of banking, finance, and acquisition of as much power as possible through the purchasing or seizure of assets, from accounts and properties to big businesses and even whole planets.

Damask is a secret ally of the Intergalactic Banking Clan (the Star Wars version of the Federal Reserve), responsible not only for growing the military industrial complex, instigating the breakup of the Republic and the rise of the Empire, but also for selling weapons and financing both sides in the Clone Wars.  One of the members of Damask Holdings, Larsh Hill, is Chairman of the IBC and will eventually be succeeded by his son San (seen in Episodes II and III as IBC Chairman and influential leader in Dooku’s Confederacy of Independent Systems).  After Larsh’s death, San Hill would be personally mentored by Hego Damask.

Wookieepedia—now recognized as a reliable authority by StarWars.com—says the following about Damask Holdings:[2]

Damask Holdings was a clandestine financial group closely allied to the Intergalactic Banking Clan, which also acted as a lobbying and political pressure organization that involved itself in the affairs of many planets, both to exploit local resources—such as plasma—for financial gain, and to gain influence on a galactic scale as part of the secret Sith Grand Plan to topple the Galactic Republic. It also operated as a secret society, bringing together the galaxy's most influential beings for the yearly gatherings on Sojourn, and also presiding over the steering committee.

Case closed!  If Hego Damask can be compared to J.P. Morgan, then the Hills are the Rockefellers, the world Sojourn being Jekyll Island[3] and Damask Holdings being the first Federal Reserve Board, using the IBC and satellite firms like the Trade Federation to tighten their hold over the Republic, secure a future for the military industrial complex, and maintain their full monopoly on the control of trade, finance, and unbalanced government regulations.

Damask, however, is much shrewder in his schemes and dealings than J.P. Morgan, though Morgan’s co-founding of the Fed and agitation to involve the United States in the First World War (to protect his European investments) makes him no amateur thug.  Damask recruits as his Sith apprentice an ambitious young man from Naboo named Palpatine, simultaneously training him in the ways of the dark side of the Force and grooming him to become an influential Galactic Senator.  Their methods are to acquire all the power necessary for undermining the Republic, Damask’s grand plan involving Palpatine acquiring political power and the reins of government, meanwhile himself acquiring increasing economic power through Damask Holdings and the IBC.  Furthermore, Damask obsessively studies the nature of life, the Force, and Midi-chlorians in the hopes of achieving immortality so that Plagueis and Sidious may forever reign as emperors.

This example is part of why your author respectfully disagrees with the neo-Rothbardian view that government is evil and everything that is good lies in privatization.  (No, this is not because Rothbard hated Star Wars…)  After all, it’s possible for thugs to control whole sections of the private sector and rule as dictators in an anarcho-capitalist society just like the public sector in a socialistic society, whereas in a Constitutional society with minimal, localized government and abundant, decentralized privatization there lies far less opportunity for the stripping of rights and increase of corruption through monopolies and absolute power.

Nonetheless, we live in a world where the same group of thugs seem to rule large sections of both the public and private sectors, just as the Order of the Sith Lords secretly does during the final years of the Republic.  The worldview of the Sith Lords is not different at all from the one held by contemporary policy makers in America, from the Federal Reserve Board of Governors to the U.S. Congress and the Executive Branch, their thoughts and actions completely antithetical to the ideals and principles of the Constitution, the free market, and individual liberty.  During training Plagueis says to Sidious, “With the Republic [the Jedi] are like indulgent parents, allowing their offspring to experiment with choices without consequence, and supporting wrong-headedness merely for the sake of maintaining family unity… When instead they should be claiming: We know what’s best for you.”[4]


Video used via standard YouTube distribution license. Image is the property of Random House Publishing Group and Lucasfilm but used via Wookieepedia according to the fair use provision of U.S. copyright law.


[1] Star Wars Episode III: Revenge of the Sith
[2] “Damask Holdings.”  Wookieepedia. <http://starwars.wikia.com/wiki/Damask_Holdings>
[3] Rothbard, Murray N.  The Origins of the Federal Reserve. The Ludwig von Mises Institute. 2009. p. 93. <http://mises.org/document/6119/The-Origins-of-the-Federal-Reserve>
[4] Luceno, James. Star Wars: Darth Plaqueis. Del Rey, Random House Publishing Group. 2012. pp. 166-67.

Tuesday, September 20, 2011

Rockefeller, J.P. Morgan, and War

By Murray N. Rothbard

During the 1930s, the Rockefellers pushed hard for war against Japan, which they saw as competing with them vigorously for oil and rubber resources in Southeast Asia and as endangering the Rockefellers' cherished dreams of a mass "China market" for petroleum products. On the other hand, the Rockefellers took a noninterventionist position in Europe, where they had close financial ties with German firms such as I.G. Farben and Co., and very few close relations with Britain and France.

The Morgans, in contrast, as usual deeply committed to their financial ties with Britain and France, once again plumped early for war with Germany, while their interest in the Far East had become minimal. Indeed, US ambassador to Japan Joseph C. Grew, former Morgan partner, was one of the few officials in the Roosevelt administration genuinely interested in peace with Japan.

World War II might therefore be considered, from one point of view, as a coalition war: the Morgans got their war in Europe, the Rockefellers theirs in Asia. Such disgruntled Morgan men as… (Read the full article)

Source: Mises.org

Friday, September 16, 2011

J.P. Morgan Selected by FFCM to Provide Fund Services and Prime Custody for the Launch of its Market-Neutral Equity ETFs

New York, September 16, 2011– J.P. Morgan announced today that it has been selected by investment management firm FFCM LLC to provide a suite of securities services, including fund administration, fund accounting and custody, along with prime custody services, for its newly launched family of equity ETFs, QuantShares. 

The QuantShares ETFs will be “market neutral,” holding both long and short positions in approximately equal dollar amounts. They are among the first ETFs that will engage in shorting physical securities. FFCM LLC has also chosen J.P. Morgan Clearing Corp. as prime broker for four of its seven new funds.

“We are pleased to be launching these funds that will leverage J.P. Morgan’s ETF servicing with its prime custody solutions,” said Bill DeRoche, founding member of FFCM LLC, the Boston-based investment adviser to QuantShares. “Our decision to partner with J.P. Morgan reflects our confidence in their ability to support us across this multi-faceted and diverse set of strategies.”

“J.P. Morgan has a history of innovation in the ETF space,” said Robert Caporale, head of new business development – Americas, J.P. Morgan Worldwide Securities Services. “We look forward to delivering our market-leading offering of securities services solutions to FFCM for their newly launched ETFs.”  J.P. Morgan provides a full suite of services for the development, launch and servicing of ETFs. Industry-wide, J.P. Morgan currently services 200 ETFs with total assets of over $100 billion.

Devon George-Eghdami, head of Prime Custody Solutions for J.P. Morgan, said, “We are excited to be working with FFCM on the launch of their market-neutral equity ETFs which are among the first to utilize a combination of cash shorting and swaps.  With our integrated prime broker, custody, fund administration, fund accounting and ETF specialist capabilities, J.P. Morgan is uniquely positioned to service FFCM.”

The new QuantShares ETFs have been created to provide institutional and individual investors with access to several alternative innovative investment strategies, according to FFCM.  Offering diversification and risk management, the funds are designed to produce returns with low correlations to the overall equity market. These returns are driven by exposure to well-known factors such as beta, momentum, quality, value, and market cap.

About FFCM
FFCM offers the QuantShares series of market-neutral ETFs.  QuantShares are innovative risk-management and diversification tools for individual and institutional investors, including mutual funds, hedge funds, pension funds, endowment plans and wealth managers. FFCM executives are experts in quantitative analysis, portfolio management and trading. Member FINRA. More information is available at www.quant-shares.com.

About J.P. Morgan Worldwide Securities Services
J.P. Morgan Worldwide Securities Services (WSS) is a premier securities servicing and fund administration provider that helps institutional investors, alternative asset managers, broker dealers and equity issuers optimize efficiency, mitigate risk and enhance revenue. A business of JP Morgan Chase & Co., WSS leverages the firm’s global scale, leading technology and deep industry expertise to service investments around the world.  It has $16.9 trillion in assets under custody and $7.5 trillion in funds under administration. 

About J.P. Morgan’s Prime Custody Solutions Group
J.P. Morgan offers unique and comprehensive solutions that enable funds to combine their prime services, global custody and other securities service needs in an integrated approach.  Custody services and interest rate derivatives are offered through JPMorgan Chase Bank, N.A., member FDIC; equity and FX prime brokerage services are offered through J.P. Morgan Clearing Corp., member SIPC, FINRA, and NYSE; securities products are offered through J.P. Morgan Securities LLC, member SIPC, FINRA, and NYSE.

About JPMorgan Chase & Co.
As used in this release, “J.P. Morgan” refers to the combined resources of JPMorgan Chase & Co and its affiliates.  JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.2 trillion and operations in more than 60 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management, and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world’s most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.

None of the foregoing is intended to be, nor should it be considered a solicitation to purchase or an offer to sell any fund.  Descriptions of investment products or strategies offered by FFCM used in this release have been provided by FFCM and have not been independently validated by J.P. Morgan.  Statements of FFCM regarding their opinion of services provided by J.P. Morgan reflect FFCM’s opinion and might not be representative of the experience of other clients.

Wednesday, September 14, 2011

“Buy American Only?” A Letter From a Concerned Citizen, part 2

By Zach Foster
Responding to a letter from a concerned citizen
Continued from Part 1

Bailouts
This gets me to the subject of bailouts.  The big bailouts that took place in 2008 and 2009 completely outraged the majority of the American people.  These bailouts were also a crime against the free market and against capitalism.  The whole concept of pure, untainted free market capitalism is that a business has to work hard to compete with other businesses and provide its goods and services at the best quality and lowest price.  This is one reason why McDonalds and Taco Bell, who have very low-priced value menus with a wide variety of choices, have done a lot better than other higher-priced fast food chains who have had to close down many locations.  This is also why Borders, who didn’t cater to the consumer demand for e-reader books (Kindle, Nook, iPad, etc.), is going out of business, whereas Barnes and Noble, who did cater to that demand, is still in business, and why Honda and Toyota’s low-priced, superior quality cars are outselling Ford while General Motors had to be bailed out.

Businesses that fail need to be allowed to fail once and for all, which weeds out the bad elements of industry and allows room for new contenders (small and medium-sized businesses or new entrepreneurs) to try their luck at meeting the un-met consumer demands.  When big businesses fail and lay off their workers, these new contenders will be the ones to hire the laid off working people, and if the new blood meets consumer demand, then they will succeed.

Thomas Woods, the author of The Politically Incorrect Guide to American History, wrote a fantastic book called Meltdown, which analyzes the Great Depression, the current recession, and vindicates free market capitalism from the lies of the statists and interventionists.  The truth is that when the federal government bailed out all those failed banks in 08-09, as well as parts of the auto and housing industry, they gave these failed businesses a “second chance” which will only postpone another inevitable collapse.  This is like an angry and heartbroken wife, whose husband was cheating on her, giving that husband a “second chance” in which he doesn’t have to shape up but instead can keep cheating on her until he gets caught again.

The Fed
These bailouts, which only punished the American people and the big and small businesses who were doing the right thing, and rewarded the failure of the businesses who were doing the wrong thing.  These bailouts were financed by the Federal Reserve System, which is a quasi-government organization that is basically in charge of big banks (Wells Fargo, Chase, Citibank, etc.) and financial organizations (AIG, Fannie Mae and Freddie Mac, etc.).  Banks are businesses, not storage lockers for money, and rather than letting these businesses try to figure out how to meet the demands of their clients, the Federal Reserve tells them how much to hold in the vaults, how much to lend, and how much to invest.  The Federal Reserve also has the power to print as much money as it wants, which is obviously bad because the more money that is being printed means inflation goes up.

Before the Federal Reserve, there was a U.S. Central bank which was on a gold standard.  The gold standard means that every paper dollar printed needs to have an actual gold dollar that exists somewhere in a bank.  Gold is real money and paper is just an I.O.U.  This was alright though, because with real gold backing up the I.O.U., people had faith in the paper, and they used it for everyday buying and selling.  Even if the central bank used a fractional gold reserve (for every gold dollar there is, they print two or three or four), there was at least SOMETHING partially backing up the paper money.  Nowadays more and more paper money is printed with nothing to back it up other than the “good credit of the United States.”

When the Federal Reserve was created in 1913 by J.P. Morgan, John Rockefeller, and a few government employees and politicians that were in their pockets, it was created with the intent to expand the money supply (inflation) and bail out particular businesses and industries which Morgan and Rockefeller were conveniently invested in.  The Fed essentially became the new central bank and began to coerce banks into doing whatever it ordered.  It also began printing more and more money to pay for expensive and Unconstitutional government grants, loans, bailouts, and other programs.  It is because of the evils of the Fed that inflation is so high (prices are so high) and the dollar is almost worthless.  The gold standard has been abandoned and the Fed will continue to manipulate banks and financial institutions and kill our dollar.  The only way to reverse this is to reinstate the Gold Standard and abolish the Federal Reserve.

To sum up the above points I made: 1) Government interventions, including those in the form of tariffs, are very bad for business, workers, and the whole economy.  2)  The free market is about competition and consumer sovereignty.  Don’t necessarily buy American—buy what’s best.  3)  Bailouts are anti-capitalistic and the only way to stop this is to bring back the Gold Standard and end the Fed.

The Contender
Finally, in your email to me you mentioned that in all your readings, you found no one with real solutions or sufficient character and a backbone.  I can honestly say to you that there is a hardworking group of people who are engaged in a grass roots effort to support an honest and hardworking man who is painfully aware not only of the REAL problems that are hurting the working class, but of real solutions to those problems.  This man of course is Ron Paul, who is an outspoken Austrian school economist who has been able to pinpoint problems and their remedies.  He is the only Republican contender who has tackled these issues, regardless of how unpopular the truth was, and remained unwavering in his position.  If you’ve heard of him but have found cause to distrust him, I beg you to reconsider and see what he has to say.

He has three very popular books out (among many others he’s written) which have changed the minds of many Americans.  There is The Revolution: A Manifesto, in which he outlines his political platform and uses the Constitution, American and world history, and the guidance of the Founding Fathers to back up his platform.  In the book End the Fed he makes the case and the plan for abolishing the Federal Reserve System and reviving the value of our hard-earned money.  In his latest book, Liberty Defined, he provides ideas for Constitutional solutions to various political, fiscal, and social ills that are plaguing our society.  I certainly hope my short explanation provided you with some meaningful answers, or at least provoked your thinking and ore beliefs.  I truly hope you also take into consideration the reading I recommended to you, which surely changed my thinking and strengthened my beliefs.  God be with you, my friend.

The above image used is in the public domain and was obtained from Wikimedia Commons.

J.P. Morgan Selected by FFCM to Provide Fund Services and Prime Custody for the Launch of its Market-Neutral Equity ETFs

New York, September 14, 2011– J.P. Morgan announced today that it has been selected by investment management firm FFCM LLC to provide a suite of securities services, including fund administration, fund accounting and custody, along with prime custody services, for its newly launched family of equity ETFs, QuantShares. 

The QuantShares ETFs will be “market neutral,” holding both long and short positions in approximately equal dollar amounts. They are among the first ETFs that will engage in shorting physical securities. FFCM LLC has also chosen J.P. Morgan Clearing Corp. as prime broker for four of its seven new funds.

“We are pleased to be launching these funds that will leverage J.P. Morgan’s ETF servicing with its prime custody solutions,” said Bill DeRoche, founding member of FFCM LLC, the Boston-based investment adviser to QuantShares. “Our decision to partner with J.P. Morgan reflects our confidence in their ability to support us across this multi-faceted and diverse set of strategies.”

“J.P. Morgan has a history of innovation in the ETF space,” said Robert Caporale, head of new business development – Americas, J.P. Morgan Worldwide Securities Services. “We look forward to delivering our market-leading offering of securities services solutions to FFCM for their newly launched ETFs.”  J.P. Morgan provides a full suite of services for the development, launch and servicing of ETFs. Industry-wide, J.P. Morgan currently services 200 ETFs with total assets of over $100 billion.

Devon George-Eghdami, head of Prime Custody Solutions for J.P. Morgan, said, “We are excited to be working with FFCM on the launch of their market-neutral equity ETFs which are among the first to utilize a combination of cash shorting and swaps.  With our integrated prime broker, custody, fund administration, fund accounting and ETF specialist capabilities, J.P. Morgan is uniquely positioned to service FFCM.”

The new QuantShares ETFs have been created to provide institutional and individual investors with access to several alternative innovative investment strategies, according to FFCM.  Offering diversification and risk management, the funds are designed to produce returns with low correlations to the overall equity market. These returns are driven by exposure to well-known factors such as beta, momentum, quality, value, and market cap.

About FFCM
FFCM offers the QuantShares series of market-neutral ETFs.  QuantShares are innovative risk-management and diversification tools for individual and institutional investors, including mutual funds, hedge funds, pension funds, endowment plans and wealth managers. FFCM executives are experts in quantitative analysis, portfolio management and trading. Member FINRA. More information is available at www.quant-shares.com.

About J.P. Morgan Worldwide Securities Services
J.P. Morgan Worldwide Securities Services (WSS) is a premier securities servicing and fund administration provider that helps institutional investors, alternative asset managers, broker dealers and equity issuers optimize efficiency, mitigate risk and enhance revenue. A business of JP Morgan Chase & Co., WSS leverages the firm’s global scale, leading technology and deep industry expertise to service investments around the world.  It has $16.9 trillion in assets under custody and $7.5 trillion in funds under administration. 

About J.P. Morgan’s Prime Custody Solutions Group
J.P. Morgan offers unique and comprehensive solutions that enable funds to combine their prime services, global custody and other securities service needs in an integrated approach.  Custody services and interest rate derivatives are offered through JPMorgan Chase Bank, N.A., member FDIC; equity and FX prime brokerage services are offered through J.P. Morgan Clearing Corp., member SIPC, FINRA, and NYSE; securities products are offered through J.P. Morgan Securities LLC, member SIPC, FINRA, and NYSE.

About JPMorgan Chase & Co.
As used in this release, “J.P. Morgan” refers to the combined resources of JPMorgan Chase & Co and its affiliates.  JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.2 trillion and operations in more than 60 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management, and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world’s most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.

None of the foregoing is intended to be, nor should it be considered a solicitation to purchase or an offer to sell any fund.  Descriptions of investment products or strategies offered by FFCM used in this release have been provided by FFCM and have not been independently validated by J.P. Morgan.  Statements of FFCM regarding their opinion of services provided by J.P. Morgan reflect FFCM’s opinion and might not be representative of the experience of other clients.

Monday, September 5, 2011

J.P. Morgan Announces Successful Implementation of U.S. Tri-Party Repo Market Reforms

New York , September 1, 2011 – J.P. Morgan today announced the successful achievement of two major tri-party repo milestones:  the implementation of three-way trade matching for US Tri-Party Repo dealers and cash investors on August 29, and the move of the daily unwind to 3:30 p.m. on August 22 in accordance with the previously-mandated Tri-Party Repo Market Infrastructure Reform Task Force deadline. 

August 22 was the third and final transition date to gradually move the unwind from early morning to 3:30 p.m., intended by the Task Force to reduce the reliance on intraday credit extended by the two major clearing banks.  Since the new 3:30 deadline went into effect on August 22, J.P. Morgan has seen business-as-usual operations and volumes. 

On August 29 three-way trade matching took effect to improve market transparency for cash investors, a key Task Force objective.  Approximately 30% of all the tri-party repos booked through J.P. Morgan on that day utilized its proprietary Repo AccessSM functionality, well in advance of the mandatory October 3 Task Force deadline for three-way trade matching.  Repo Access gives cash investors greater control by actively affirming trade instructions.  J.P. Morgan also accepts trade instructions via a variety of different messaging types, SWIFT, or other third-party vendor services.

According to Kelly Mathieson, Worldwide Securities Services Global Custody and Clearance Executive, J.P. Morgan’s successful implementations were the result of several key investments in technology and operations made over the last 18 months in preparation. 

“As a result of our enhancements, our clients were well prepared for these market changes.  Repo Access delivers functionality that made it easy for cash investors and dealers to match trades and meet Monday’s deadline.  When the daily unwind moved to 3:30 last week, we were able to cut our normal processing time for the unwind in half, returning cash to investors while allowing dealers to promptly reallocate their collateral,” says Mathieson.  “Our market-leading Auto Substitution product proved essential in giving dealers access to their collateral throughout the trading day and supporting the market liquidity to which they are accustomed.”  J.P. Morgan’s patent pending Auto Substitution product prioritizes the use of eligible securities, substituting them for assets held in tri-party repo loans. 
           
Mathieson notes, “This has been a period of rapid change for our clients.  We are pleased to have been able to support them in this time of extensive market transformation, and are proud of the tools we’ve developed to cope with changing market conditions with minimal impact on our clients’ trading behavior.  In our role as co-chair of the Operational Arrangements Working Group, we continue to be deeply involved as an advocate for our clients and market reforms.  We are working closely with our market partners as the Task Force sets remaining milestones for 2011 and into 2012.”

Collateral management is a vital risk management tool for institutions seeking to generate additional value from their portfolios while effectively managing their credit risk. J.P. Morgan’s fixed income clearing and collateral management solution helps clients seamlessly manage their government clearance and tri-party repo financing needs, with automation and technology that integrates these activities to better manage net exposure. 

About J.P. Morgan Worldwide Securities Services
J.P. Morgan Worldwide Securities Services is a premier securities servicing provider that helps institutional investors, alternative asset managers, broker dealers and equity issuers optimize efficiency, mitigate risk and enhance revenue. Worldwide Securities Services leverages the firm's unparalleled scale, leading technology and deep industry expertise to service investments around the world. It has $16.9 trillion in assets under custody and $7.5 trillion in assets under administration.  For more information, go to www.jpmorgan.com/wss.

About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.2 trillion and operations in more than 60 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at jpmorganchase.com.

Wednesday, August 17, 2011

J.P. Morgan Selected by Federal Home Loan Bank of Chicago to Provide Custody Services

New York , August 17, 2011 – J.P. Morgan Worldwide Securities Services announced today that it has been selected by Federal Home Loan Bank of Chicago (FHLB Chicago) to provide custody services for FHLB Chicago’s own investment portfolio and for assets FHLB Chicago holds for its member financial institutions.

FHLB Chicago is one of 12 regional banks in the Federal Home Loan Bank System which was established by Congress in 1932.  Its products, services and programs provide member financial institutions with short-term liquidity and long-term funding and support for community investment activities.

“We selected J.P. Morgan because of its integrated product offering, advanced technology and reporting platforms and deep knowledge of our specific industry and underlying clients.  We are confident that J.P. Morgan’s expertise in delivering custody and safekeeping services will allow us to better serve the member financial institutions with which we work,” said John Stocchetti, Executive Vice President of Operations and Technology at FHLB Chicago.

Robert Caporale, head of new business development - Americas, J.P. Morgan Worldwide Securities Services, said:  “J.P. Morgan is proud to add Federal Home Loan Bank of Chicago to our growing roster of Federal Home Loan Bank clients.  We believe that our proven experience, comprehensive products and quality service are well suited for the needs of the Federal Home Loan Bank System.”

About the Federal Home Loan Bank of Chicago
The Federal Home Loan Bank of Chicago is a$77 billion wholesale bank and government sponsored enterprise that provides housing finance to more than 760 member commercial banks, savings institutions, credit unions, and insurance companies located in Illinois and Wisconsin.  The U.S. Congress created the FHLBank System, which includes 12 Federal Home Loan Banks, in 1932 to promote housing finance; the Federal Home Loan Banks are wholly owned by their member financial institutions.

About J.P. Morgan Worldwide Securities Services
J.P. Morgan Worldwide Securities Services (WSS) is a premier securities servicing provider that helps institutional investors, alternative asset managers, broker dealers and equity issuers optimize efficiency, mitigate risk and enhance revenue.  A business of JPMorgan Chase & Co., WSS leverages the firm’s global scale, leading technology and deep industry expertise to service investments around the world.  It has $16.9 trillion in assets under custody and $7.5 trillion in funds under administration. For more information, go to www.jpmorgan.com/wss.  

About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.2 trillion and operations in more than 60 countries.  The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management and private equity.  A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world’s most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands.  Information about JPMorgan Chase & Co. is available at jpmorganchase.com.

Tuesday, August 16, 2011

Fannie Mae Announces Offering of New Issue 5-Year Benchmark Notes® due September 28, 2016

Pricing Date - TBD 
Settlement Date - August 19, 2011 
Maturity Date - September 28, 2016 
Issue Size - TBD 
Coupon - TBD 
Payment Dates - Each September 28th and March 28th, beginning September 28, 2011 
CUSIP - 3135G0CM3 
Listing - Application will be made to list the securities on the EuroMTF market of the Luxembourg Stock Exchange 

Barclays Capital Inc., J.P. Morgan & Co., and UBS Securities LLC are the joint lead managers. The co-managers include, BNP Paribas, CastleOak Securities, L.P., FTN Financial Capital Markets, Goldman Sachs & Co., and Loop Capital Markets.

Fannie Mae exists to expand affordable housing and bring global capital to local communities in order to serve the U.S. housing market. Fannie Mae has a federal charter and operates in America's secondary mortgage market to enhance the liquidity of the mortgage market by providing funds to mortgage bankers and other lenders so that they may lend to home buyers. Our job is to help those who house America.

This press release does not constitute an offer to sell or the solicitation of an offer to buy securities of Fannie Mae. Nothing in this press release constitutes advice on the merits of buying or selling a particular investment. Any investment decision as to any purchase of securities referred to herein must be made solely on the basis of information contained in Fannie Mae's applicable Offering Circular, and no reliance may be placed on the completeness or accuracy of the information contained in this press release.

You should not deal in securities unless you understand their nature and the extent of your exposure to risk. You should be satisfied that they are suitable for you in light of your circumstances and financial position. If you are in any doubt you should consult an appropriately qualified financial advisor.

Benchmark Notes is a registered mark of Fannie Mae. Unauthorized use of this mark is prohibited.

Monday, August 15, 2011

J.P. Morgan Enhances More than 2,100 Global Custody Trade Instruction Deadlines

New York , August 15, 2011– J.P. Morgan Worldwide Securities Services today announced significant enhancements to trade instruction deadlines for global custody clients. J.P. Morgan’s global custody business, which operates in more than 100 markets, has improved over 2,100 deadlines in more than 80 markets, providing market-leading cut-off times in the majority of those markets. As a result of ongoing significant investment in its technology and operational centers, J.P. Morgan clients now have greater flexibility in instructing trades. Bringing trade instruction deadlines closer to market deadlines allows more time for pre-matching and identification of potential settlement issues. 

The vast majority of enhancements are to instructions transmitted electronically as clients’ electronic trade instructions can move freely between global operating sites in the United States, United Kingdom, India and Australia. This effectively removes the limitations previously imposed by local and regional processing hours, resulting in improvements that range from 30 minutes to more than 24 hours. In addition, electronic trade instructions can now be processed and repaired almost continually through a 7-day week and 24-hour day. 

“This initiative leverages the full power of J.P. Morgan’s  global processing capabilities and technology to improve our clients’ trading experience across the vast majority of J.P. Morgan’s global custody network,” said  Kelly Mathieson, global custody and clearing business executive, J.P. Morgan. “Clients who instruct their trades electronically, using either standard electronic industry formats or J.P. Morgan’s proprietary tools, will see a significant and immediate benefit.”

Mathieson notes that the in-depth market review J.P. Morgan completed has resulted in additional enhancements. The firm can now support more instruments in certain markets, such as India, which were previously impacted by short settlement cycles and regional processing hour restrictions.  Manual instruction deadlines were also improved within the existing local and regional processing hours in certain markets.

A leading global custodian, J.P. Morgan has over $16.9 trillion in assets under custody.

About J.P. Morgan Worldwide Securities Services
J.P. Morgan Worldwide Securities Services is a premier securities servicing provider that helps institutional investors, alternative asset managers, broker dealers and equity issuers optimize efficiency, mitigate risk and enhance revenue. Worldwide Securities Services leverages the firm's unparalleled scale, leading technology and deep industry expertise to service investments around the world. It has $16.9 trillion in assets under custody and $7.5 trillion in assets under administration.  For more information, go to www.jpmorgan.com/wss.

About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.2 trillion and operations in more than 60 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at jpmorganchase.com.