JP Morgan and UBS compress FX books via start-up

LMRKTS first broke cover two years ago; third bank unknown

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UBS: FX compression 'collapses risk'

JP Morgan, UBS and a third dealer have completed a multilateral compression of foreign exchange derivatives via New York-based start-up LMRKTS. Participants executed a layer of new trades to shift and net existing cashflow, streamlining portfolios in five currencies: the euro, sterling, Swiss franc, US dollar and yen.

It is the first public sighting of LMRKTS since Risk.net revealed its ambitions – along with those of fellow netting start-up NetOTC – in late 2013. The multilateral compression

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