JPMORGAN TREASURY SERVICES LAUNCHES NEW MULTI-CURRENCY POOLING SERVICE

- Groundbreaking new service enables pooling of U.S. dollar and euro balances to provide better returns and reduced costs

SIBOS-SINGAPORE - October 21, 2003 - JPMorgan Treasury Services (TS)a unit of JPMorgan Chase and a leader in global payment, trade and treasury services management, today launched a new multi-currency notional pooling service that will allow clients to realize the benefits of combining long and short balances in U.S. dollars and euros without the limitations of early cut-off times or the
need to perform FX swaps. The new service is a high value option for banks and non-bank financial institutions to optimize their end-of-day currency positions across euros and U.S. dollars.

JPMorgan's multi-currency notional pooling is not just an interest enhancement. There is no interest charged on self-funded cross-currency positions. Additionally, there is no physical conversion of currencies. Individual currency positions remain unaltered. The solution is not subject to early cut-off times because the solution takes full advantage of maintaining JPMorgan clearing accounts in the appropriate location for each currency, i.e. U.S. dollars in New York and euros in Frankfurt.

The pooling service allows clients to create a truly single, global position from the two major currencies. Whereas some providers' multi-currency pooling products suffer from early cut-offs, lack of principal offset and partial automation, the JPMorgan multi-currency pooling service offers full principal and interest off-set, transparent market-based pricing, and flexible pooling methodology for reporting and benefit distribution.

This service works seamlessly with other JPMorgan electronic banking,cash management services, and other robust liquidity services.

"Multi-currency notional pooling works seamlessly with our U.S. dollar and euro clearing capabilities," says Niko Havoutis, Senior Vice President and Global Head of Liquidity and Investment Management for JPMorgan Treasury Services. "With the addition of multi-currency notional pooling to JPMorgan's already extensive liquidity and investment global product suite, we provide the right combination of information, liquidity availability and technology tools to offer added value to our comprehensive clearing services in euros and U.S. dollars."

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

Become a bobsguide member to access the following

1. Unrestricted access to bobsguide
2. Send a proposal request
3. Insights delivered daily to your inbox
4. Career development