JPMorgan Treasury Services has won the competition to become the Continuous Linked Settlement (CLS) provider to the New York Clearing Corporation (NYCC), the clearing house subsidiary of the New York Board of Trade. Contracts for NYCCs quarterly foreign currency futures will now connect to the payment versus settlement system, CLS, in a bid to reduce its risk. NYCC also has the option to net capital inflows and outflows, and in doing so, reduce systemic risk.
"The NYCC is always looking to partner with companies which help us to streamline and modernise our operations, as one of our main goals is to offer our members more services at less costs," commented George Haase, president of the NYCC.