JP Morgan’s new way to trade FX overlays

Hybrid execution method allows clients to put dealers in competition via a single trading agreement

M4OS Photos/Alamy Stock Photo

JP Morgan is setting out to potentially disrupt its own foreign exchange overlay business with a new execution method that allows clients to place multiple dealers in competition for trades, while using the bank’s credit standing to secure the best price.

Currency overlays are typically executed on either a principal or agency basis. Providers that use a principal model send all trades to their own FX desks, while agency trades are put out for competition on multi-dealer platforms (MDPs).


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