JPMORGAN ANNOUNCES NON-BANK THIRD-PARTY CUSTOMER: REFCO CAPITAL MARKETS

- Non-bank institution to connect to CLS via JPMorgan

SIBOS-SINGAPORE - 21 October, 2003 - JPMorgan Treasury Services (TS)a unit of JPMorgan Chase Bank and a leader in global payment, trade and treasury services management, automated cash and treasury management solutions, announced today that Refco Capital Markets has selected JPMorgan's third party CLS services.

Refco will be the first brokerage to adopt CLS and benefit from the increased risk reduction, straight-through processing and simplification of the settlement process that it affords. As a non-bank, not on the SWIFT network, Refco is able to connect to CLS via JPMorgan's Global Client Access electronic banking platform.

JPMorgan recently announced the smooth integration and settlement of four new currencies in CLS: Danish Krone, Norwegian Krone, Swedish Krone and Singapore Dollar. As one of the original CLS settlement member banks, JPMorgan has held a position of leadership in CLS since inception. JPMorgan currently has 31 third party mandates.

Stephen C. Dispenza, Vice President and Chief Operating Officer, Refco Capital Markets, comments, "We have had a long-standing relationship with JPMorgan and as a major player in CLS, they were the clear choice as a third party service provider. We're excited about our imminent go-live with CLS and know that it will raise our profile as a key contender in the FX market. As more and more currencies are introduced, we will continue to be able to further simplify our settlement process."

"We're pleased that Refco is taking this leadership role in the brokerage community by joining CLS and look forward to seeing an increasing number of non-bank CLS counterparties. As a participant of several CLS management committees we're committed to ensuring its ongoing development and enhancement - e.g. adding new currencies, attracting more and more counterparties - so that our third parties continue to see the value in executing through CLS," says Bill
Chrusciel, Vice President and Sales Executive, JPMorgan Treasury Services.

Press Contacts:
Stefanie Davidson
+44 (0)7786 563 537
Philippe Jeanjean, Tom Coombes, Cognito
+44 (0)20 7936 9058

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