JPMorgan Chase restructured its 17-year-old ABCP program, called Jupiter Securitization Co., not - say sources familiar with the situation - as a defensive move against the currently volatile ABCP market, but so its sellers could avail itself of accounting procedures under FAS 46.

Jupiter Securitization issues ABCP to investors and uses the proceeds to finance trade receivables. Under changes already being made, the bank will create a trust, which will buy receivable facilities from originators. Instead of buying assets directly from sellers, Jupiter Securitization will buy certificates from the new trust, which will represent an undivided interest in the latter's assets.

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