JPM falls out of favour in FX forwards with US insurers

US bank exits top 10 after cuts from TIAA and Athene in Q3

JP-Morgan-offices

JP Morgan fell from fifth to 13th in the dealer rankings for FX forwards traded with US insurers in the third quarter of 2023, following large cuts by Athene and TIAA.

A trading surge in Q1 with MassMutual drove the US bank to sixth spot, and it moved up one more place in Q2. But a $624 million reduction at TIAA and a $354 million fall in trades with Athene saw it tumble out of the top 10 in Q3, according to industry filings collected and analysed by FX Markets’ Counterparty Radar service.

TD

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