JPMorgan Treasury Services, a unit of JPMorgan Chase Bank and a leader in global payment, trade and treasury services management, automated cash and treasury management solutions, has announced that Sydbank A/S has become Denmark’s first non-CLS shareholder to settle via CLS Bank.

Sydbank A/S, the fourth largest bank in Denmark, selected JPMorgan as its third party services provider in September 2002 because the bank offered competitive pricing, liquidity and credit and had a solid reputation as a premier third party services provider.

Egon Rohden, senior manager at Sydbank comments, “The JPMorgan Third Party Service insulates its customers from the complexity of CLS. JPMorgan’s approach to implementation and its experience in the various phases of CLS testing made the implementation for the transition to CLS virtually seamless. We were able to meet our original live date without delay and have since been settling via CLS Bank with complete success.”

Brian Wedge, CLS product manager at JPMorgan comments, “This project demonstrates that Sydbank A/S is proactively working to manage risk. With the Danish krone set to join the list of eligible CLS currencies later in the year, Sydbank is already successfully settling trades via CLS and is therefore ahead of many of its competitors. JPMorgan is pleased to add Sydbank to its growing list of third party services customers within the region.”