JPMorgan TS Chosen to Provide CLS Services to NYCC
The New York Clearing Corporation (NYCC), the clearing house subsidiary of the New York Board of Trade, has awarded JPMorgan Treasury Services (TS) a mandate to become its Continuous Linked Settlement (CLS) service provider. The NYCC hopes to streamline the settlement of its quarterly foreign currency futures contracts by connecting to CLS. It also noted that CLS will enable NYCC to net capital inflows and outflows, mitigating systemic risk.
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