In case you missed it while you were busy eating easter eggs.
The NFP was a small disaster with the ES futures dropping hard.
The JPM Trader Bruno Iksil, is “distorting the index”. From Bloomberg.
A JPMorgan Chase & Co. (JPM) trader of derivatives linked to the financial health of corporations has amassed positions so large that he’s driving price moves in the $10 trillion market, traders outside the firm said.
Iksil may have “broken” some credit indexes — Wall Street lingo for creating a disparity between the price of the index and the average price of credit-default swaps on the individual companies, the people said. The persistence of the price differential has frustrated some hedge funds that had bet the gap would close, the people said. Full article here.
More on the topics below.
The Queen of Commodities goes even more powerful. Via the Independent.
Blythe Masters, the British woman who runs JPMorgan’s commodities division, has steered the department to record turnover exceeding $2.8bn (£1.8bn) in 2011, more than long-time industry leaders Goldman Sachs and Morgan Stanley.
Reuters research shows that Cambridge-educated Ms Masters beat her arch-rival, Isabelle Ealet at Goldman Sachs in London, whose commodities division’s revenues stagnated at $1.6bn. JPMorgan’s performance, a threefold leap in revenues, is a huge bounceback for one of the most powerful women on Wall Street. (Full article here). Video below.