Nike, Refco make CLS choices

HSBC and JP Morgan Treasury Services have won the mandates, which puts, respectively, settlement of Nike and Refco’s forex trades in their hands.

Stephen Dispenza, vice-president and chief operating officer of Refco Capital Markets in New York, said joining the CLS settlement community would bring the firm reduced risk, more straight-through processing and the exposure associated with being a first-mover in the field. "As one of the first players of our type to use CLS, other parties will lo