Tom Kadlec, Chief Financial Officer at ADM Investor Services, said, "When launching ADM Derivatives, we had unique multi-currency settlement requirements. A CLS clearing relationship with JPMorgan allowed us to devise a solution with a single provider, creating operational and cash management efficiencies. We have a long-standing relationship with JPMorgan and look forward to their continued support of ADM Derivatives."
Brian Wedge, senior product manager for CLS Third Party Services at JPMorgan Treasury Services, said, "As more non-bank financial institutions look to streamline their cash management arrangements we are seeing an increased interest in our multicurrency services and the risk reduction benefits that CLS delivers. JPMorgan is well-placed to offer a complete solution that consolidates industry-leading third party CLS services with extensive multicurrency account capabilities."
CLS is an industry initiative designed to reduce the settlement risk associated with FX transactions. JPMorgan is currently the leading provider of CLS Third Party Services to non-bank financial institutions.