J.P. Morgan & Co. said it is applying to the Federal Reserve Board for permission to join EJV Partners L.P., a group of firms that markets fixed-income market data to brokers.

The banking company declined to disclose the size of its planned investment, which would be made through J.P. Morgan Capital Corp., its venture capital subsidiary.

By joining EJV, the banking company could offer "high-quality" market information to clients, said Jean Louis Bravard, a managing director at Morgan.

"We would gain market coverage, and a lot of credibility with clients," by joining, said Mr. Bravard, who would represent Morgan on the managing board of EJV.

Membership Rejected in 1990

The bank company also would help EJV. extend its range of services, he said.

It considered joining the venture in 1990 when it was formed by units of Salomon Brothers Inc., Goldman, Sachs & Co., Lehman Brothers Inc., CS First Boston Corp., Morgan Stanley & Co., and Citicorp.

Morgan decided against joining then because J.P. Morgan Securities, its corporate debt underwriting unit launched in June 1989, was still small.

Morgan Securities has grown rapidly and now ranks seventh in corporate debt underwriting in the United States, according to Securities Data Corp.

The banking company would be the eighth member of EJV. Liberty Brokerage, which manages the venture's day-to-day operations, recently joined as the seventh partner.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.