JPMorgan Chase & Co. has set up a contingency plan allowing it to resume trading the bonds of any nation exiting the euro area to avoid disruption to its clients.

The largest U.S. bank by assets said while a break-up of the 17-nation currency zone was not its central view, the possibility has convinced it to establish procedures to limit any disruption to its bond-trading activities. The implied probability of a country leaving the monetary union is 53 percent for next year, and 63 percent by the end of 2014, based on bets at Intrade.com. Spain hasn't ruled out quitting the euro, El Confidencial reported this week.

“We've been doing some contingency work to ensure that we have a robust system and ability to absorb shocks if on a Sunday night a sovereign decides to leave the euro,” Carl Norrey, head of European rates securities at JPMorgan in London, said in interview on July 23. “The probability of a country exiting the euro is no longer zero.”