How JPM AM swapped platforms for pipes
Asset manager wanted to cut FX venues – and their fees – out of dealer relationships. Now, it only trades direct
Hey, buy-side trader – are you active in foreign exchange? Ever been irritated by the lack of control you have when trading via one of the big FX platforms? Occasionally wonder if there’s another way?
JP Morgan Asset Management has been there, too, and found a way. The firm does all of its spot, options, outright forwards and swaps trading via its own hub – each of its dealers has a bilateral connection to that hub, along with JPM Asset Management. None of the dealers pays a fee for the privilege
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