JP Morgan tells HFTs: you’re ‘all finding homes’
But credit intermediation space has inefficiencies that more kill switches would address, conference hears
JP Morgan is confident that high-frequency traders (HFTs) will be able to stay in business and find new foreign exchange prime brokers (FXPBs) following Citi’s decision to give 90 days’ notice to the largest electronic market-makers in currencies.
Citi, JP Morgan’s largest competitor, was estimated to have a 40% share of the FXPB market. Citi culled several clients, including HFT firms, as part of a wider effort to reduce risk in its business, which suffered a reported $180 million loss last
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