Mercantile Discount Becomes 28th JP Morgan CLS Bank Client

JPMorgan Treasury Services, the payment and treasury services arm of the giant American bank, claims to have settled its 500,000th foreign exchange (FX) trade through CLS and secured its twenty eighth third party CLS client Mercantile Discount Bank Ltd. of

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JPMorgan Treasury Services, the payment and treasury services arm of the giant American bank, claims to have settled its 500,000th foreign exchange (FX) trade through CLS and secured its twenty-eighth third party CLS client: Mercantile Discount Bank Ltd. of Israel.

Mark Garvin, JPMorgan’s Chief Operating Officer for Europe, Middle East and Africa, became Vice Chairman of CLS in June.

The 500,000 figure includes proprietary JPMorgan trade settlements as well as those of its third-party clients.

“We believe that providing our clients with access to the significant risk reduction opportunities offered by CLS is an important part of being a full-service provider of clearing services,” says Brian Wedge, Vice President and Senior Product Manager of JPMorgan. “As a result, our third-party services customer base continues to grow. We’re proud to achieve a landmark 500,000 trades with CLS and see it as a testament to our ongoing partnership and support.”

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