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 FX Markets’ Counterparty Radar service.
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