Banco Popular Español, Spain's third-largest banking group, has selected JP Morgan Treasury Services, the global treasury, trade and cash management subsidiary of JP Morgan Chase, to supply third-party services for continuous linked settlement (CLS).

Launched last September, the real-time cross-currency foreign exchange settlement system enables simultaneous settlement of FX trades globally irrespective of time zones. It has been designed to remove settlement risk - the possibility that one side of an FX trade will fail before settlement is made - from the FX system.