Donald Trump Reportedly Advised to On-Board Jamie Dimon as Treasury Secretary: CNBC

Donald Trump could be preparing to majorly overhaul the financial services industry in the U.S.

Donald Trump has been reportedly advised by his closest to pick the CEO of JPMorgan, Jamie Dimon is treasury secretary, CNBC has reported. With the nominations starting to flow in, volatility across multiple asset classes continues – bonds are falling, while stocks are rallying. A strong U.S. dollar is accompanying the rally in risk assets.

While some media outlets are reflecting on whether the popular vote coincided with the electoral college, the stock market has rallied strongly and the U.S. dollar keeps printing new highs across the board.

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CNBC is one of those same media companies that got the election wrong, and the report about Jamie Dimon could be the next part of a string of incorrect assertions like the certainty of Hilary Clinton’s electing. That said, what is actually so bad about at a financial markets professional like Jamie Dimon, taking the Treasury Secretary job.

Dodd-Frank Repeal & Rising Volumes

While rumors about a Dodd-Frank repeal are swaying, brokers and exchanges are reporting record trading volume days. In the mean time some Wikileaks dumps are continuing with the latest including some information about how the Democrats have favored Donald Trump and used a ‘Pied Piper’ strategy that paid media to help The Donald win the Republican primaries.

Volatility is rampant across major ECNs with Fastmatch reporting $38 billion changed hands on the foreign exchange Electronic Communications Network ECN. Hotspot FX is reporting one of its best days ever with a total of $64.4 billion transacted via the FX ECN of BATS Global Markets. Shares of GAIN Capital and FXCM have added 5 and 4 percent in today’s trade, respectively.

Commenting to Finance Magnates, the CEO of connectivity provider oneZero, Andrew Ralich said, “Regardless of how anyone feels about the result of the US election, the event itself represents another solid example of the maturity developing in the Retail FX space. From oneZero’s perspective we see that a large majority of brokers have weathered this latest surprise global development completely in stride. Precautions and planning have allowed the industry to benefit from the volatility derived from uncertainty and done so while maintaining stability. From technology companies, to brokers, to regulators I think that we all should be very proud of this evolving resiliency.”

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