JP Morgan Chase Shuts Down Arcordia, Folds It Into Firm
ORGANIZATION AND MANAGEMENT
LONDON--JP Morgan Chase is shutting down the external operations of spinoff Arcordia, an ASP-based post-trade processing service for over-the-counter derivatives, spokespeople for the firm have confirmed.
The technology for Arcordia had been in development at JP Morgan for five years. JP Morgan has said that since 1997, Arcordia has saved the firm $100 million, has enabled it to cope with a 40 percent increase in its over-the-counter portfolio in 1999 and allowed JP Morgan to achieve 95 percent
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