Rohrbaugh, who joined JPMorgan from Goldman Sachs in 2005, has been handed the additional responsibility of global head of rates and will report to Daniel Pinto, global head of fixed income. He will replace Chris Willcox as global head of rates, who will move to JPMorgan Asset Management as its new global head of fixed income and currencies.
Since joining JPMorgan, Rohrbaugh has almost doubled the firm’s market share in the global FX markets, according to Euromoney Market Data, lifting it to a top-five position in the 2011 survey. The bank fell one position to sixth in this year’s survey, though it still grew volumes by 20% during the 12-month period.
In that time, he has helped boost JPMorgan’s electronic and algorithmic FX capabilities, while also leading the development of mobile FX services, which has been slow to gain traction in the institutional FX market.
Rohrbaugh told EuromoneyFXNews in April that while there has been resistance from market participants about trading on mobile devices, due to issues about data security and compliance, the trend towards it becoming ubiquitous was unstoppable.
“I don’t think it’s a gimmick, anymore than buying airline tickets on your computer was 10 years ago,” he said at the time.
JPMorgan was first bank to introduce mobile technology for its desktop platform Morgan Direct, and it was the first investment bank to offer order functionality to clients on BlackBerry, iPhone, Android and, most recently, the iPad.
At present, clients can enter, take profit, stop loss and market orders from their mobile devices, while other order types are amendable on mobiles, and their status is updated live. Execution, or order status, can be configured to be sent by email or by SMS to the customer. In addition, they can monitor them live on a mobile or desktop.
This year, JPMorgan intends to begin the roll-out of other order types, including algorithmic strategies, as part of its continual development stream. Rohrbaugh says the firm has focused on its order flow as a way to enhance the end-user experience, by streamlining the myriad ways that the bank takes and receives orders to and from clients.
“We will continue to add order types and will develop our iPad app so it offers a user experience that is closer to what clients are used to on their desktops,” Rohrbaugh said in April. “The amount of orders that are left on a weekly basis is literally an exponential curve and we think that should keep growing.”