SIBOS - Copenhagen, September 06, 2005 - JPMorgan Treasury Services today announced that it has been selected by Banca Aletti, the capital markets arm of Banco Popolare di Verona e Novara, as its Continuous Linked Settlement (CLS) third party service provider.
Use of CLS will enable Banca Aletti to reduce FX settlement risk and adopt a more sophisticated approach to monitoring its liquidity and FX positions. Banco Popolare di Verona e Novara is one of the largest banks in Italy and has a long standing relationship with JPMorgan.
Maurizio Faroni, CFO of Banco Popolare di Verona e Novara, said, "We support risk mitigating industry initiatives such as CLS and are confident that as our CLS third party provider JPMorgan can offer a high quality service and allow us to better serve our client base."
Brian Wedge, senior product manager for CLS and multi-currency solutions at JPMorgan Treasury Services, said, "The decision of Banca Aletti to use CLS confirms the depth of support in Italy and amongst the banking community for this system for settling interbank FX trades. We are delighted to add Banca Aletti to our client list and believe this mandate further reinforces our position as a leading global provider of CLS third party services."
CLS is an industry initiative designed to reduce the settlement risk associated with FX transactions. JPMorgan is a leading provider of third
party services and currently settles over 220,000 trades through CLS per
month on its own behalf and for third party clients.