| JPMorgan Chase & Co. (JPM), which said last month it plans to get out of the business of owning and trading physical commodities from metals to oil, bought the over-the-counter commodity derivatives portfolio of UBS AG (UBSN), which is exiting most of its raw-materials trading.
The transaction includes on-exchange hedge positions and excludes precious metals and index-based products, UBS said in an e-mailed statement today. JPMorgan assumed market risk on the portfolio and the two banks “will work together in the coming months with their clients to fully assign contracts for individual trades to JPMorgan,” according to the statement. JPMorgan spokesman Patrick Burton declined to comment...............................................Full Article: Source
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