JPMorgan Complete First Third Party CLS Transaction For Sydbank Of Denmark

JPMorgan Treasury Services says that Sydbank A S of Denmark has become Denmark's first non CLS shareholder to settle via CLS Bank, after choosing the American bank as its third party services provider in September last year. "The JPMorgan Third

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JPMorgan Treasury Services says that Sydbank A/S of Denmark has become Denmark’s first non-CLS shareholder to settle via CLS Bank, after choosing the American bank as its third party services provider in September last year.

“The JPMorgan Third Party Service insulates its customers from the complexity of CLS,” says Egon Rohden, Senior Manager at Sydbank comments. “JPMorgan’s approach to implementation and its experience in the various phases of CLS testing made the implementation for the transition to CLS virtually seamless. We were able to meet our original live date without delay and have since been settling via CLS Bank with complete success.”

Brian Wedge, CLS Product Manager at JPMorgan, added: “This project demonstrates that Sydbank A/S is proactively working to manage risk. With the Danish Krone set to join the list of eligible CLS currencies later in the year, Sydbank is already successfully settling trades via CLS and is therefore ahead of many of its competitors. JPMorgan is pleased to add Sydbank to its growing list of third party services customers within the region.”

On Tuesday the CLS Bank service experienced a technical problem that affected the settlement window for Asia Pacific currencies,” a CLS Bank spokesman told GC.com today. “This led to many payment instructions in the Australian dollar and Japanese yen not settling. Settlement Members activated contingency arrangements and re-submitted rejected instructions for settlement on Wednesday, which occurred without problem. The core CLS Bank system is now operating without problem.

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