Refco signs up as non-bank member to JP Morgan Chase’s CLS service

Refco will become the first brokerage to adopt CLS, and should benefit from increased risk reduction, straight-through processing and simplification of the settlement process.

The New York-based energy broker is currently not a member of the Swift payments network. It can now connect to CLS via JP Morgan Chase's Global Client Access electronic banking platform.

JP Morgan Chase integrated four new currencies in CLS in the past couple of months – the Danish krone, Norwegian krone, Swedish krona and Singapore dollar. It currently has 31 CLS third-party mandates.

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At a webinar in association with capital markets technology provider Numerix, panellists discuss the potential for increased adoption of the public cloud to boost investment performance, its impact on risk management and overcoming barriers to…

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