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JPM falls out of favour in FX forwards with US insurers
US bank exits top 10 in third quarter after cuts from TIAA and Athene
![JP-Morgan-offices JP-Morgan-offices](/sites/default/files/styles/landscape_750_463/public/2019-07/JP-Morgan-offices-in-Canary-Wharf.jpg.webp?h=ff24f9dc&itok=C6xg9YFd)
JP Morgan fell from fifth to 13th in the dealer rankings for FX forwards traded with US insurers in the third quarter of 2023, following large cuts by Athene and TIAA.
A trading surge in Q1 with MassMutual drove the US bank to sixth spot, and it moved up one more place in Q2. But a $624 million reduction at TIAA and a $354 million fall in trades with Athene saw it tumble out of the top 10 in Q3, according to industry filings collected and analysed by Risk.net’s Counterparty Radar service.
TD
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