Home Business NewsBusinessBanking JP Morgan defies all odds to dominate forex with a 10%+ market share

JP Morgan defies all odds to dominate forex with a 10%+ market share

by LLB Finance Reporter
17th Aug 20 9:46 am

According to data presented and published by ForexSchoolOnline JP Morgan Chase & Co. is the leading firm in forex, holding a 10.78% market share. It is a significant improvement over its previous year’s performance of 9.81%.

It is particularly noteworthy seeing as the second firm, UBS, scored 8.13% only. Interestingly too, JP Morgan had at the start of 2020 predicted low trading liquidity, citing low market volatility.

One of the possible reasons behind its impressive performance could be its implementation of machine learning in trading. In its aforementioned report, the firm had predicted that electronic trading volumes would increase from 74% in 2019 to 84% in 2020.

To harness this potential, it launched an eFX algorithm that seeks to minimize market impact on order placements.

Leading banks globally with a margin of over $100bn in market cap

JP Morgan is also more than $100bn ahead of its competitors in terms of market capitalization. According to a report published in July 2020, the bank has a market cap of $433bn.

Bank of America comes in a distant second with $306.7bn while ICBC is third at $290bn.

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