In the meantime, Bloomberg reports that JPMorgan Chase will allow customers to house excess swaps and futures collateral in a separate bank account as it seeks to reassure investors after losses at MF Global and Peregrine Financial.
The new service will allow clients to automatically aggregate excess margin at JPMorgan., the firm’s insured deposit-taking unit, Emily Portney, head of agency clearing, collateral and execution at the New York-based bank, said in a telephone interview.
'It’s certainly in response to client queries and more emphasis on safekeeping of client money', Portney said. 'The key is safety, operational efficiency and more choice for clients' in how their funds are protected and invested, Portney said.
Finally, Reuters reports that Deloitte Chief Executive Joe Echevarria on Monday fought back against allegations that his firm helped Standard Chartered hide transactions with Iran, saying charges by the top New York state banking regulator were 'distortions of the facts'.
Echevarria, CEO since June 2011, defended Deloitte in his first interview since the firm was dragged into the spotlight over its independent reviews of British bank Standard Chartered.
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