Israel's Mercantile Discount Bank has selected JP Morgan Treasury Services to provide third party continuous linked settlement (CLS) services.
Mercantile Discount is JPMorgan's 28th CLS services customer.
Brian Wedge, vice president and senior product manager, JPMorgan, says: "We believe that providing our clients with access to the significant risk reduction opportunities offered by CLS is an important part of being a full-service provider of clearing services."
In addition, JPMorgan says it has settled its 500,000th foreign exchange trade through the CLS Bank, just ten months after CLS started live operations. The figure includes proprietary JPMorgan trade settlements as well as those of its third-party clients.