New York, July 7, 2010 -J.P. Morgan Worldwide Securities Services today announced that it has enhanced its regulatory reporting capabilities to help clients prepare new financial statement derivative disclosures.
J.P. Morgan recently introduced its new Government Accounting Standards Board (GASB) reporting product, which was designed to assist public funds comply with the GASB Statement Number 53, Accounting and Financial Reporting for Derivatives Instruments. The objective of the new GASB requirements is to enhance the usefulness and comparability of derivative information reported by state and local governments.
J.P. Morgan's online reporting capabilities assists clients as they prepare the Summary Information financial statement disclosures by providing detail and summary reports for the types of derivatives, the fair value of derivatives at the end of the reporting period and changes in fair value in the reporting period. J.P. Morgan also provides expertise and reporting to help clients to complete disclosures about the risks associates with investment derivatives: credit risk, interest-rate risk and foreign-currency risk.
The GASB 53 reporting product is the latest addition to J.P. Morgan's suite of regulatory reporting capabilities, which includes: GASB 40, ASC Topic 815 (FAS 161) and ASC Topic 820 (FAS 157).
"The public pension fund segment is an important area of focus for us," said Mark Settles, Pensions Executive - Americas, J.P. Morgan Worldwide Securities Services. "Against a backdrop of heightened legal and regulatory requirements, we are continually investing in new functionalities and reporting tools to meet the needs of our clients."
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 division of J.P. Morgan Chase Bank, N.A., WSS leverages the firm's unparalleled scale, leading technology and deep industry expertise to service investments around the world. It has $15.3 trillion in assets under custody and $6.5 trillion in funds under administration. For more information, go to www.jpmorgan.com/visit/wss.
About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.1 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.