J.P. Morgan’s trading business has scooped two accolades at the recent Risk Awards 2025 for helping clients navigate the year’s biggest market challenges. At a ceremony in London last week, the firm was named Interest Rate Derivatives House of the Year as well as Credit Derivatives House of the Year.
Navigating interest rate uncertainty was among the year’s toughest calls for the investors this year. Markets began 2024 convinced the Federal Reserve was about to embark on an aggressive easing cycle, said Risk magazine. Six cuts were expected over the course of the year and investors rushed to position accordingly.
The firm put its balance sheet to work for clients, including for one of the year’s biggest trades — a $25 billion trade for a hedge fund client who wanted to protect its equity portfolio against a worsening macro environment. J.P. Morgan was able to execute the full amount in the space of a few days.
“We are reaping the reward of what we have sowed these last few years.”
Olivier Cajfinger
Global head of Investment-Grade Credit Sales, Short-Term Fixed Income & Public Finance Distribution, J.P. Morgan
The trading business operates at huge scale, handing billions of orders totaling trillions of dollars every year. Investments to modernize the firm’s platforms are enabling the business to handle a greater volume of trades at lower cost — keeping its clients trading on its platforms and cementing its position as a reliable source of liquidity in all market conditions.
“We consider ourselves a central pool of liquidity,” said Matthew Franklin-Lyons, global head of Rates Trading at J.P. Morgan. “Routing all inquiry types into J.P. Morgan maximizes liquidity for clients and our ability to risk transfer.”
J.P. Morgan is renowned as a comprehensive counterparty, being there for clients in all markets and conditions. A rates client at a large hedge fund remarked: “J.P. Morgan is the one bank that knows the phone will always be ringing. They’re best in class in 90% of the instruments we trade; they have superior traders, salesforce and technology to monetize and provide flows for clients. I’ve been sat here for several years, and they’ve never been outside the top three in dollars.”
In credit, investments to modernize and digitize the business are also paying off. Growth in one product area spurred expansion in others, creating a self-reinforcing cycle, said Risk. Investments in portfolio trading fostered growth in total return swaps, while enhancements to exchange-traded fund pricing generated more demand for ETF options, which in turn created more opportunities to trade options on credit default swap indexes.
A multi-year effort to cross-pollinate different parts of its credit business is bearing fruit, said Olivier Cajfinger, global head of Investment-Grade Credit Sales, Short-Term Fixed Income & Public Finance Distribution at J.P. Morgan. “We are reaping the reward of what we have sowed these last few years,” he said.
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