.p . morgan securities inc . merged with and into bear , stearns & co . inc. , and the surviving entity changed its name to j.p . morgan securities inc . j.p . morgan clearing corp. , a subsidiary of jpmorgan securities provides clearing and settlement services . at december 31 , 2008 , j.p . morgan clearing corp . 2019s net capital , as defined by the net capital rule , of $ 4.7 billion exceeded the minimum requirement by $ 3.3 billion