JPMorgan has been named Derivatives House of the Year by Risk Magazine in its annual awards.
“Despite the challenging market conditions JPMorgan has shown strength and breadth across asset classes, avoiding many of the pitfalls to have befallen rivals and providing liquidity to clients during the tricky months of August and September,” says Risk’s editors.
The magazine also praised the firm for its consistent approach to pricing and the provision of liquidity despite the difficult market conditions experienced in the third quarter.
“When liquidity started to drain out of the market in the third quarter, JPMorgan was one of the few dealers out there that made a concerted effort to engage. This was not random contact, but a real effort to see where they could accommodate clients. That showed a real commitment to the asset class.”
“We were well prepared to weather the huge spikes in volumes in August and September. We made a conscious decision to be very consistent in our pricing during the crisis. We weren’t always going to be the best price, but we wanted to be consistent in everything we did. You can do that when there aren’t other problems to distract you – and there weren’t,” adds Bill Winters, co-CEO, JPMorgan.