Tag: JP Morgan

JP Morgan

Best Real Money Platform

P&L Report Card: I f there is one client segment that is in the eye of the storm when it comes to execution quality and market impact, it is real money. Execution desks are well aware of the challenges that currently exist in the FX market, however the same cannot be said for their oversight function – too many of which still seem to believe that top of book is good for 100 million. So the real money sector remains at the centre of the upheaval around best execution.

Putting aside this segment’s use of the WMR Benchmark Fix, this client set is possibly the most challenged of all segments due to its need to shift larger tickets into the market.

JPM: 2017 to Be “Watershed” Year for FX Algo Usage

A new survey released by JP Morgan, which almost 200 institutional FX traders took part in at the end of last year, shows that although just 12% of respondents currently use algorithms for trading, 38% plan to increase algo usage in 2017.

This, in and of itself is not necessarily a surprising statistic. Numerous market commentators have been predicting for a few years now that more institutional FX trades will employ algorithms for a variety of reasons. These include navigating an increasingly fragmented liquidity landscape, helping firms to minimise their market impact, providing a more auditable trading record, and potentially enabling buy side firms to take on more risk themselves as some banks drift towards a more agency-focused business model.

Choussy Leaves JP Morgan, Davidson Named Clearing Head

Andres Choussy has left his position as head of derivatives clearing for the Americas at JP Morgan.

Profit & Loss understands that he will be succeeded in the role by Paul Davidson, who will be now be responsible for listed futures and options clearing, OTC credit and rates clearing and credit, FX and rates intermediation.

Davidson will be based in New York and report into Nick Rustad, global head of clearing at JP Morgan.
Davison has been with JP Morgan since 1999, initially spending six years on the floor of the CME in Chicago working on the equity execution desk, before joining the execution team in New York.

JP Morgan to Offer Independent TCA Through BestX

Profit & Loss understands that BestX, the start-up technology company that provides independent trading analytics, has signed JP Morgan as its first major FX sell-side client.
The deal marks a significant step forward in the industry as it represents the first time a major dealing bank has integrated a truly third party’s service to offer post-trade verification of execution quality. It will allow the bank’s own clients to independently define, achieve and demonstrate best execution through a post-trade transaction cost analysis (TCA) when trading electronically with the bank.

Judge Formalises FX Fines for Banks

A US District Court judge has ratified fines against five major banks following their guilty pleas last year over currency market manipulation charges.
US District Judge Stefan Underhill in Bridgeport Connecticut agreed fines for Citi of $925 billion, Barclays $650 million, JP Morgan $550 million, Royal Bank of Scotland $395 million and UBS $203 million after the banks pleaded guilty to FX market abuse in mid-2015. The fines were recommended by the US government and accepted by Judge Underhill last week.

JP Morgan Hires Herschmann

Debra Herschmann has joined JP Morgan as head of corporate and investment bank user experience.
She joins from Goldman Sachs, where she established and led the global user experience design practice responsible for delivering commercial and highly usable client-facing, front office, and enterprise products.
Prior to that, Herschmann was at Lehman Brothers where she was responsible for UX delivery of LehmanLive and Point.
At JP Morgan, Herschmann will be responsible for ensuring clients get a consistent experience on the bank’s platforms across asset classes, and as markets change or open up.

JP Morgan Names Markets Execution Management

JP Morgan has created a markets execution team, which will focus on providing clients with electronic distribution of macro (including futures and options and Neovest) markets products across multi-channels.
The new team will be jointly led by Richard James, who has moved from his role as head of currencies and emerging markets execution services, and Peter Ward, who was previously head of futures and options execution services. Both men will report to David Hudson, JP Morgan’s head of markets execution.

GFMA Names Jury as Chair, Adds Scotiabank to Board

The GFMA’s Global FX Division (GFXD) has named Claudia Jury, managing director and co-head, currencies and emerging markets at JP Morgan as its new chair, and Nigel Khakoo, head of G10 FX at Nomura as vice chair. The trade group also announced it added Scotiabank as a new board member, bringing its total membership to 25 FX market participants.

The GFXD says its aim is to promote efficiency, international harmonisation of regulation and high standards of conduct in the global FX market.

Ktorza Wins Unfair Dismissal Case

JP Morgan has become the latest bank on the wrong end of an unfair dismissal claim from its currency teams with Patrice Ktorza, a former FX salesperson at the bank, reportedly winning his claim. Bloomberg News, citing a copy of the judgement, reports that Ktorza will receive the full amount of claim – GBP 78,800 […]

Virtu Sees FX Revenues Fall: Signs Deal with JPM

Virtu Financial has signed a three year deal with JP Morgan to provide technology and market access to the dealer-to-dealer US Treasury market. “I am very pleased to announce that we have partnered with JP Morgan on an initiative to marry our proprietary systems and order routing with JP Morgan’s trading experience through a technology […]