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NYCC selects JP Morgan for CLS
The New York Clearing Corporation (NYCC) has selected JP Morgan Treasury Services to settle its quarterly FX futures contracts on the continuous-linked settlement (CLS) service for FX. NYCC is seeking to reduce the settlement risk involved in these quarterly transactions.
The clearing house subsidiary of Nybot settles transactions worth $7--10 billion four times a year.
A spokesperson said the NYCC hopes to have up to four firms using the CLS payment system for the
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