"The New York Clearing Corporation is always looking to partner with companies which help us to streamline and modernize our operations, as one of our main goals is to offer our Members more services at less cost," said George Haase, President of the NYCC. "Our long-standing and successful relationship with JPMorgan made them the obvious choice as the Third Party Service Provider for the NYCC, and we look forward to developing the benefits of the CLS system with a group which has such extensive market experience."
The NYCC will streamline the settlement of its quarterly foreign currency futures contracts by connecting to CLS. NYCC settles approximately USD 7-10 billion in ten currencies, four times a year, and settlement through CLS will significantly reduce the settlement and operational risk in these transactions. Using CLS will also enable NYCC to net capital inflows and outflows, mitigating systemic risk. NYCC is able to use CLS via JPMorgan AccessSM - JPMorgan's web-based Global Client Access electronic banking platform.
Brian Wedge, CLS Global Product Manager EMEA, JPMorgan TS, comments, "A growing number of non-bank counterparties are using CLS. With 32 third party mandates, JPMorgan has cemented its leadership position in the CLS market and is ideally placed to provide NYCC with the very highest level of support in maximising their settlement efficiency."
JPMorgan Treasury Services (www.jpmorgan.com/ts) is a full-service provider of innovative treasury, cash management, liquidity, trade finance, information and e-commerce solutions to corporations, financial services companies, governments and municipalities worldwide. As a leader in U.S. dollar and cross-border payments, JPMorgan Treasury Services processes as much as $2.3 trillion in U.S. dollar wire payments daily and has been the number-one ACH originator since the inception of the network some 28 years ago. JPMorgan Treasury Services delivers the strength of a global investment banking powerhouse, along with the personal touch and best in-country expertise of the finest regional banks worldwide.
JPMorgan Treasury Services is a part of the Treasury & Securities Services unit of JPMorgan which also includes Institutional Trust Services and Investor Services.
J.P. Morgan Chase & Co. is a leading global financial services firm with assets of $771 billion and operations in more than 50 countries. The firm is a leader in investment banking, financial services for consumers and businesses, financial transaction processing, investment management, private banking and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase is headquartered in New York and serves more than 30 million consumers nationwide, and many of the world's most prominent corporate, institutional and government clients. Information about JPMorgan Chase is available on the Internet at www.jpmorganchase.com.
The New York Clearing Corporation (NYCC) is a subsidiary of the New York Cotton Exchange (NYCE) and is the designated clearinghouse for all the exchange markets of the New York Board of Trade (NYBOT), the world's largest "soft" commodities exchange. The Clearing Corporation provides clearing services and financial stability for its clearing members.
The New York Board of Trade (NYBOT) is the parent company of the Coffee, Sugar and Cocoa Exchange, Inc. (CSCE) and the New York Cotton Exchange (NYCE). Through its two exchanges, NYBOT offers an expanding range of agricultural and financial products. Information about the New York Clearing Corporation and the New York Board of Trade can be found at www.nybot.com and www.nybotlive.com.
