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J.P. MORGAN CHASE BANK-2016
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J.P. MORGAN CHASE BANK-2016
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Last modified
3/31/2017 12:58:30 PM
Creation date
1/10/2017 3:43:03 PM
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Contracts
Company Name
JP MORGAN CHASE BANK
Contract #
A-2016-366
Agency
FINANCE & MANAGEMENT SERVICES
Council Approval Date
12/6/2016
Expiration Date
12/31/2019
Insurance Exp Date
6/1/2017
Destruction Year
0
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Proposals must address all items set forth in Section III "Scope of Work and Time of <br />Performance." Additional information that your firm wishes to include must be <br />clearly identified. The items must be addressed in the order in which they appear in <br />Section III of this RFP. <br />III Scope of Services <br />The following banking services will be required and the inability to provide these <br />services, except when stated within the service description as desired rather than <br />being required, will eliminate the proposal from consideration. <br />A. Collateralization. <br />All balances are to be fully collateralized through the pool collateral system required <br />under the State of California Financial Code Section 53630 et seq. <br />JPMorgan Chase Bank, N.A. ( "Bank "), through its National Collateral Management <br />Group ( "NCMG "), employs a Bank developed Corporate Collateral Management System <br />(Coast), which provides daily monitoring of deposit balances and security value for <br />collateralization purposes. <br />Coast is reviewed daily (business day) by dedicated Collateral Managers for customer's <br />collateral requirements. Collateral requirements are based upon the end -of -day ledger, <br />deposit account (checking, savings, depository CD's) information (plus accrued interest <br />if any), less applicable FDIC coverage if coverage for insured balances is appropriately <br />waived, plus applicable margin (uo %). The end of day deposits balances are uploaded <br />into Coast the following business morning from the Bank's deposit system. NCMG <br />monitors the market value securities pledged to our customers and compares to the <br />collateral requirements. In the event a market value reduction creates an under - <br />collateralized position, additional securities will be pledged promptly. <br />Collateral is Pooled for all Local Agency Government <br />Customers <br />The Bank follows the collateralization processes established by California law and <br />procedures of the Local Agency Security Program (LASP) Administrator. <br />Page 33 J.P. Morgan <br />
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