JPMorgan completes 'fastest' CLS implementation for Prudential Financial
JPMorgan Treasury Services today announced that it has implemented the global derivatives business of Prudential Financial, Inc. (PFI) of the United States, as a CLS third party participant, in a record breaking four weeks.
0
External
This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.
PFI completed settlement with the Chicago Mercantile Exchange (CME) and the New York Clearing Corporation (NYCC) via CLS on 16 June and plans to enable another PFI entity to settle through CLS in the coming months.
Following a rigorous selection procedure, PFI selected JPMorgan as its CLS provider in April 2004, based on its strong track record for quality of service. "We are always seeking to have the most efficient processes on the street and it was key for us to be able to participate in the next quarterly settlement at the CME and the NYCC," said Michael Murwill, first vice president at PFI. "JPMorgan worked with us to complete the entire process, including negotiating documentation and providing training. Working to an aggressive timetable, we were able to be ready in time for live trials on 31 May."
Brian Wedge, global product manager for CLS at JPMorgan Treasury Services, said, "This is the fastest CLS implementation we have done so far and we believe it to be a record for the industry. Each implementation is unique but our experience, teamwork and the commitment and training of our staff mean we can now deliver working solutions rapidly. This is increasingly important as more customers use us to take advantage of the benefits CLS provides."