JPMorgan has taken a multifaceted approach to enhancing its FX business in North America, with a focus on automation, client customization and technological upgrades across various business lines.
A strategic goal for the firm in North America was on developing its automated system of client tiering dubbed Project Discovery. Initially rolled out for spot trading, precious metals and Brazilian non-deliverable forwards (NDFs), this project has expanded to include Asian NDFs, with plans to integrate FX swaps. By balancing flow capture with yield optimization in a systematic, data-driven manner, this project allowed the bank to dynamically adjust pricing tiers for clients. It also helped it streamline its operations further by eliminating the need for manual data analysis.
JPMorgan also made a considerable push to advance its options business, with an eye on bolstering its offering to hedge funds. In response to the regional shift towards multi-dealer platforms, the bank focused on integrating its platform with additional pricing venues.