JP Morgan Says It Has 18 Third Party CLS Clients

JPMorgan Treasury Services, one of CLS's 39 settlement members, announced today that it has 18 third party services customers, and is already in pilot tests with them. In addition to these 18 new mandates, the global institutional market is expressing

By None

JPMorgan Treasury Services, one of CLS’s 39 settlement members, announced today that it has 18 third party services customers, and is already in pilot tests with them. In addition to these 18 new mandates, the global institutional market is expressing increasing interest in JPMorgan’s offering and the bank anticipates that its third party services client list will significantly expand in 2003.

The JPMorgan TS Third Party Services Solution allows institutions and corporations that are not members of CLS to settle their trades in CLS without the complex and time-critical aspects settlement members have to perform. JPMorgan TS’ service also extends intra-day liquidity and credit to qualified clients, and effectively insulates the client from the various complexities of CLS settlements.

Steve Wilder, JPMorgan TS, comments, “JPMorgan TS has engineered a third party solution that incorporates the expertise of our CLS implementation teams, the sophistication of our technology and the intra-day liquidity and credit our customers are looking for. Our strategy has been to insulate our customers from the complexities that CLS introduces through end-to-end project management and exceptional implementations. With 18 third party services customers already signed up, this strategy has proven a remarkable success. We believe that this positions JPMorgan TS as the market leader in the provision of this service.”

«