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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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Date of Report (Date of earliest event reported) April 24, 2000
J.P. MORGAN & CO. INCORPORATED
(Exact name of registrant as specified in its charter)
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DELAWARE 1-5885 13-2625764
(State or other juris- (Commission (IRS Employer
diction of incorporation) File Number) Identification No.)
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60 WALL STREET, NEW YORK, NEW YORK 10260-0060
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (212) 483-2323
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(Former name or former address, if changed since last report)
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ITEM 5. OTHER EVENTS
On May 16, 2000, the Registrant issued a press release announcing the
introduction of www.muniderivatives.com, a site that provides
unparalleled access to information about municipal derivatives products
and strategies as well as proprietary models and tools designed to help
a user analyze market risk and develop customized derivatives-based
solutions on-line. A copy of such press release is filed herein as
Exhibit 99a.
On May 11, 2000, the Registrant issued a press release announcing the
creation of SynDirect(TM) Wireless, the world's first wireless
communication platform for bond issuers and investors that will allow
investors to check current pricing and express interest for bonds
remotely. A copy of such press release is filed herein as Exhibit 99b.
On April 26, 2000, the Registrant issued a press release announcing the
introduction of www.morgancredit.com, a global credit risk trading web
site. This site is the first to offer two-way (bid and offer) prices on
credit derivatives with the ability to trade through a phone link to
trading desks. A copy of such press release is filed herein as Exhibit
99c.
On April 24, 2000, the Registrant issued a joint press release with
Audible, Inc. announcing that daily research information from J.P.
Morgan will soon be available for listening in digital audio format at
www.audible.com/jpmorgan. A copy of such press release is filed herein
as Exhibit 99d.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(a) Financial Statements
NONE.
(b) Pro Forma Financial Information
NONE.
(c) Exhibits
99a. Copy of press release of J.P. Morgan & Co. Incorporated
dated May 16, 2000.
99b. Copy of press release of J.P. Morgan & Co. Incorporated
dated May 11, 2000.
99c. Copy of press release of J.P. Morgan & Co. Incorporated
dated April 26, 2000.
99d. Copy of press release of J.P. Morgan & Co. Incorporated
dated April 24, 2000.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
J.P. MORGAN & CO. INCORPORATED
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(REGISTRANT)
/s/ Grace B. Vogel
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NAME: Grace B. Vogel
TITLE: Chief Accounting Officer
DATE: April 24, 2000
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J.P. Morgan & Co. Incorporated JPMORGAN
60 Wall Street, New York, NY 10260
NYSE symbol: JPM
www.jpmorgan.com
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News release: Immediate May 16, 2000
J.P. Morgan launches first-of-kind derivatives
web site for the municipals market
Building on the firm's leading position in the global derivatives
market, J.P. Morgan (NYSE: JPM) today launched www.muniderivatives.com. The site
transforms the municipal derivatives market by providing unparalleled access to
information about products and strategies as well as proprietary models and
tools designed to help a user analyze market risk and develop customized
derivatives-based solutions on-line.
In multiple firsts for the industry, muniderivatives.com offers several
customized, user-driven applications, including:
- An interactive pricing model for tax-exempt and taxable risk
management applications using live market rates;
- An historical rates database of over 2,500 indices - including
municipal data - that provides dynamic charting and
downloading capabilities; and,
- A unique "portfolio analyzer" that allows users to input data
on a portfolio of existing or proposed debt and derivatives,
and conduct stress test scenarios to understand their
exposures to potential market events. The portfolio analyzer
also produces comprehensive reports on an issuer's debt
profile and debt service schedule, as well as a variety of
cash flow analyses.
"By offering information and tools to the municipal derivatives market,
we are broadening accessibility to new market participants, increasing product
and price transparency, and promoting the informed use of derivatives," said
Ajay Nagpal, managing director and head of Morgan's Municipal Risk Management
Desk.
"We have created an on-line destination that offers unique tools,
information, and product education for issuers, investors, broker-dealers,
rating analysts, and other participants in the municipal market," said Matt
Roggenburg, managing director and head of Public Finance Risk Management
Marketing at Morgan.
In addition to proprietary tools and applications, muniderivatives.com
offers several compelling features designed to provide clients with information
on risk management applications. The features include "plain English"
descriptions of derivatives products and strategies; real-time access to market
trends, commentary and data; and access to Morgan Markets, the central web
portal for all of Morgan's global research publications and analytical tools.
Muniderivatives.com is a password-protected site, and user-specific
information is maintained on a secure server to ensure confidentiality. Access
is offered free to new and existing clients. Prospective users should
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Press contact:
New York Michael Golden (212) 648-3784
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J.P. Morgan & Co. Incorporated
News Release
contact their principal Morgan representative for access, or the Municipal Risk
Management Desk at (212) 648-2421. Certain proprietary applications on the site
are reserved for use by those clients with demonstrated business relationships,
or for specific clients developing a relationship with Morgan.
"With today's launch of muniderivatives.com, J.P. Morgan continues its
tradition of innovation in the global derivatives market," said Nagpal. "We plan
to add several new features going forward, including expanded capabilities for
the real time pricing model, live news feeds, and an after-trade transaction
tracking system."
J.P. Morgan's municipal derivatives desk is one of the largest and most
prominent providers of risk management solutions to U.S. public-sector clients.
In 1999, the firm was named Derivatives House of the Year by IFR Magazine, first
in risk management by Euromoney, first in derivatives strategy and execution by
Institutional Investor, and Best Derivatives Bank in North America by Global
Finance.
# # #
Note to editors: Muniderivatives.com is one of several online
derivatives initiatives launched in recent months by J.P. Morgan and LabMorgan,
the firm's e-finance unit:
- ARCORDIA: the world's first independent Internet-based
derivatives management and settlement company that
commercializes J.P. Morgan's derivatives mid-office expertise.
Launched March 31.
- CREDITEX: a platform for the on-line trading of credit
derivatives. The platform supplies information on the
over-the-counter credit derivatives market as well as
transactional capabilities. Incorporated April 1999.
- CYGNIFI: an independent derivatives services company offering
products through the Internet and other e-commerce vehicles,
including market and credit risk applications and portfolio
stress testing. Announced February 1.
- MORGANCREDIT.COM: first online site to offer two-way prices on
credit derivatives with an ability to trade through a phone
link. Launched April 26.
- SWAPSWIRE: a network and protocol for online trading and
negotiation of interest rate derivative transactions. Launched
April 10.
- VOLCENTER: a client portal in the foreign exchange and
precious metals options markets that offers indicative spot
rates, forward term structures, and volatility surfaces.
Launched September 16, 1999.
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J.P. Morgan & Co. Incorporated
News Release
J.P. Morgan & Co. Incorporated is a leading global financial services
firm that meets critical financial needs for business enterprises, governments,
and individuals. The firm advises on corporate strategy and structure, raises
capital, makes markets in financial instruments, and manages investment assets.
Morgan also commits its own capital to promising enterprises, and invests and
trades to capture market opportunities. The company's web address is
www.jpmorgan.com.
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J.P. Morgan & Co. Incorporated JPMORGAN
60 Wall Street, New York, NY 10260
NYSE symbol: JPM
www.jpmorgan.com
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News release: Immediate May 11, 2000
J.P. Morgan launches the SynDirect(TM) Wireless, the world's first mobile bond
syndication tool
Issuers and investors gain access to syndicate using Palm(TM) computers and WAP
phones
J.P. Morgan & Co., Incorporated (NYSE: JPM), a leading innovator in e-finance,
today announced the creation of SynDirect(TM) Wireless, the world's first
wireless communication platform for bond issuers and investors. This landmark
innovation allows primary market issuers to track investors' interest for
pending debt issues, and it allows investors to check current pricing and even
express interest for bonds remotely - using a Palm(TM) VII Handheld Connected
Organizer in the United States, or a WAP cellular telephone in Europe and Asia.
Built as an enhancement to SynDirect, Morgan's successful Internet-based fixed
income distribution system, the wireless feature was developed by a team of
in-house technologists and consultants at Morgan during early 2000. The product
offers secure, real-time information to clients, empowering them with critical
data and the ability to travel away from their offices, wireline phones, and
computers anytime their schedules dictate.
"SynDirect Wireless offers issuers and investors immediate access to
information throughout the book-building process, enabling them to follow an
issue's progress regardless of where they are physically," said Dave Olsen,
Morgan's head of electronic syndication.
"Our proprietary wireless technology allows users to access our Internet-based
SynDirect system in another way," said Joe Cook, Morgan's head of High Grade
Financing for Europe. "We are really combining the best of Morgan's
capabilities: financial markets leadership, technological innovation, and top
client service."
In addition to accessing issue-specific offering terms and comparables,
SynDirect Wireless users will be able to monitor new-issue calendars.
SynDirect Wireless follows other recent Morgan e-finance innovations in the
fixed income market, including the January launch of MarketAxess, an
independent company offering a comprehensive multi-dealer transaction platform;
and
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Press contacts:
Michael Golden New York 1-212-648-3784
Michael Webster London 44-207-325-4056
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J.P. Morgan & Co. Incorporated
News Release
the firm's March launch of Securities.Hub with other major dealers, a company
that hosts a series of online portals linking securities firms and dealers with
institutional investors worldwide.
# # #
J.P. Morgan is a leading global firm that meets critical financial needs for
business, governments, and individuals around the world. We advise on corporate
strategy and structure, raise capital, make markets in financial instruments,
and manage investment assets. More information about the firm can be found at
www.jpmorgan.com.
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Press contacts:
Christopher M. Molanphy 1-212-648-8213
Michael Webster 44-207-325-4056
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J.P. Morgan & Co. Incorporated JPMORGAN
60 Wall Street, New York, NY 10260
NYSE symbol: JPM
www.jpmorgan.com
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News release: Immediate April 26, 2000
J.P. Morgan Launches Global Credit Risk Trading Website
Building upon the firm's leadership position in credit derivatives,
J.P. Morgan (NYSE: JPM) today launched www.morgancredit.com. The site is the
first to offer live two-way (bid and offer) credit derivative prices on hundreds
of North American, European and Asian credits and the ability to trade these
over telephone links to trading desks. In addition, the site will create the
first transparent forward curve for credit risk by featuring two-way prices for
three-, five-, seven- and ten-year maturities.
This landmark initiative transforms the previously highly negotiated
and information-deprived credit derivative market by providing liquidity and
transparency on a 24-hour, real-time basis. The site also provides previously
unavailable data on spot and historical credit swap spreads for individual
credits, as well as credits sorted by industry and geography. Market commentary
is updated by the firm's local credit derivative teams in London, Tokyo and New
York, and there is a library of pertinent research, educational and reference
material.
"The internet provides gives us an extraordinary tool to promote
liquidity and transparency in global credit markets," said Blythe Masters,
Managing Director and Head of North American Structured Finance and Global
Credit Derivatives Marketing. "This benefits dealers and end-users equally and
is our primary and permanent objective."
The site maintains an advantage over broker sites. Because J.P. Morgan
is acting as principal, it eliminates the intermediary step of matching client
trades, protecting client anonymity and significantly reducing the time to close
a transaction.
During the recent pre-launch pilot period, several transactions were
initiated from the site's live pricing screen with clients from across Europe
and the U.S.
"The pilot was a great success," said Karin Norman, Vice President and
Global Head of Structured Finance e-Commerce. "Committing to provide live prices
will give the credit derivatives market new legitimacy. Pilot clients were
thrilled with the speed and ease with which they were able to agree and document
these transactions."
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Press contacts
J.P. Morgan
Kristin Lemkau Eileen Darko Peter McKillop
New York London Tokyo
(212) 648-9583 44-171-325-5755 81-3-5573-1224
[email protected] [email protected] [email protected]
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J.P. Morgan & Co. Incorporated
News Release
"Orbit is a revolutionary source of information, both actual and
historic, in the credit derivatives market," said Reiner Gesellmann, Head of
Credit Trading at Bayerische Landesbank, Munich. "It will contribute
tremendously to the liquidity of the market. I see it as an indispensable tool
for end-users of credit derivatives, equally important for traders and
investors."
J.P. Morgan has been a pioneer in the credit derivatives market and is
a recognized market leader. In 1999, the bank was awarded Best Overall Credit
Derivative's House by Institutional Investor magazine, Best Credit Derivatives
Dealer by Derivatives Strategy Magazine, Best Credit Derivatives Pricing House
by Euromoney magazine and ranked first overall in the readership's Credit
Derivatives Awards by Risk magazine. The credit derivative-based synthetic
securitization product they created known as BISTRO was awarded 1998
Breakthrough Structured Finance Deal of the Year by Investment Dealer's Digest
and IFR magazine voted J.P. Morgan Credit Derivative House of the Year in 1998.
The global credit derivatives market currently has an estimated
outstanding notional amount of $1 trillion. J.P. Morgan has over 150 specialists
working in its worldwide credit derivatives business. According to statistics
published by the Office of the Comptroller of the Currency, in Q4, 1999, J.P.
Morgan had an approximately 50% share of the $342 billion in outstanding
notional amount held by reporting banks (U.S. domestic commercial banks and
branches of foreign commercial banks in North America).
J.P. Morgan is a leading global firm that meets critical financial
needs for business, governments, and individuals around the world. We advise on
corporate strategy and structure, raise capital, make markets in financial
instruments, and manage investment assets. More information about J.P. Morgan
can be found at http://www.jpmorgan.com/.
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J.P. Morgan & Co. Incorporated JPMORGAN
60 Wall Street, New York, NY 10260
NYSE symbol: JPM
www.jpmorgan.com
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News release: Immediate April 24, 2000
J.P. Morgan and Audible Announce Partnership to Distribute Premium
Equity Research in Digital Audio from Audible.com
NEW YORK, NY and WAYNE, NJ, April 24, 2000 -- J.P. Morgan Securities
(NYSE: JPM) and Audible, Inc. (NASDAQ: ADBL), announced today that daily
research information from J.P. Morgan will soon be available for listening in
digital audio format at www.audible.com(TM).
The Audible Internet audio service will allow consumers to purchase and
stream or download J.P. Morgan research in audio format, store it as digital
files and play it back on personal computers and AudibleReady(TM) portable
digital audio players. Content will consist of a daily program highlighting
researched opinions and recommendations on tracked stocks, as well as a weekly
market focused program featuring the opinions of the bank's equity strategists
and macro economists. The programming will be sold as a quarterly, renewable
subscription, or as individual programs. In addition, the agreement includes an
option for J.P. Morgan to publish periodic special audio programming covering a
particular market segment or geographic region.
"This research distribution partnership is an excellent opportunity
for Audible to team up with such a respected brand," stated Donald Katz, Founder
and Chairman of Audible, Inc. "J.P. Morgan research is already in high demand
with individual and institutional investors and we are proud to offer it to a
broader audience. This content will be a great supplement to our subscribers of
business audio such as The Wall Street Journal, many of whom listen while
commuting to and from work."
Audible allows customers to take advantage of their commuting, travel
and desktop computer time by delivering information via audio.
"Our arrangement with Audible gives us a unique opportunity to
establish a leadership role in research content distribution," said John Conti,
Managing Director and Head of Equity Research for J.P. Morgan. "This program
will showcase our expertise and provide significant value to an audience that
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Press contacts:
Kristin Lemkau Jonathan Korzen
J.P. Morgan Audible, Inc.
(212) 648-9583 (973) 890 4070 ext. 218
[email protected] [email protected]
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J.P. Morgan & Co. Incorporated
News Release
previously would never hear our views. This is an important step in our strategy
to distinctively brand ourselves on the Internet."
ABOUT J.P. MORGAN
J.P. Morgan is a leading global financial services firm that meets critical
financial needs for business enterprises, governments, and individuals
worldwide. We advise on corporate strategy and structure; raise capital;
develop, structure, and make markets in financial instruments; and manage
investment assets. We also commit our own capital to promising enterprises and
invest and trade to capture market opportunities for our own account.
ABOUT AUDIBLE, INC.
Audible is the Internet's largest, most diverse provider of premium spoken audio
services for content download or playback on personal computers or
AudibleReady(TM) mobile devices. Audible allows customers to take advantage of
their commuting, travel and desktop computer time by delivering premium
entertainment and information audio while their eyes are busy but their minds
are free. Audible's content partners include leading audiobook publishers,
broadcasters, magazine and newspaper publishers, business information providers,
and educational and cultural institutions. Visitors to www.audible.com(TM) can
browse, sample, purchase and subscribe to more than 20,000 hours of audio
programs. Audible.com is Amazon.com's exclusive provider of spoken-word products
for downloading or streaming via the Web. Among the company's key business
partners are Casio Inc., Compaq Computer Corporation, S3/Diamond Inc., Microsoft
Corporation, Royal Philips Electronics, RealNetworks, Inc. and Texas
Instruments.
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This press release contains information that is not historical fact and may be
deemed to contain forward-looking statements. Actual results may differ
materially from those anticipated in any forward-looking statements as a result
of certain risks and uncertainties, including, without limitation, Audible's
limited operating history, history of losses, uncertain market for its services,
and its inability to license or produce compelling audio content and other risks
and uncertainties detailed in the company's Securities and Exchange Commission
filings.
