30.07.2013 - For the masters of commodities at JPMorgan, a sense of deja vu
Fifteen years ago, a boom in global commodity trading was underway, and JPMorgan was late to the game. Trying to catch up with Wall Street rivals, JPMorgan recruited a young trader, Danny Masters. Within a few years, it had built a global platform that eclipsed its peers. At last it was a major player in markets from oil to metals. Then it pulled the plug. Regulatory scrutiny in metals markets had tarnished its reputation; the gains from shipping oil around the world no longer seemed worth the risk. On Friday, history repeated itself.......................................Full Article: Source
Print