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JPMorgan puts rate options on screen

January 10, 2007 | Financial Times

JPMorgan is to increase transparency in the over-the-counter market for basic interest rate options with the launch on Tuesday of an electronic trading platform for its clients on Bloomberg terminals.

The platform will enable investors to access accurate, real-time tradeable volatility levels in a first for the interest rate OTC markets, the bank said, a move it hoped would help attract new clients who previously might have been uncomfortable with the opaque nature of the derivatives.

While the platform is unlikely to take the place of the more complex bespoke OTC deals that make up much of interest rate derivatives trading, it should make the basic building blocks of such trades more transparent.

“We hope to attract a broader range of clients who can trade interest rate options with greater confidence in a more transparent market,” said Chris Willcox, head of rates trading at JPMorgan in Europe, the Middle East and Africa.

With increased transparency in the key building blocks of more structured transactions, clients would have more time to dedicate to understanding the complexities of bespoke deals, he added.

The move adds to the electronic trading available for interest rate swaps that the bank already provides, which saw volumes of about $40bn in December alone, the bank said.


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