Record overnight FX volumes were noted from major US financial banking conglomerate, JPMorgan Chase & Co, according to a letter sent to the company’s staff from its CEO Jamie Dimon. The message came amid wild swings in currency markets and a global stock market selloff after the UK’s vote to leave the EU was digested across financial markets today.
While financials took a hard hit in Friday’s session, following a broad stock market selloff that started in Asia, then Europe, and finally hit the U.S. Finance Magnates reported a number of venues experiencing record high trading volumes.
FX volumes were a record overnight, and we expect to do three times the normal daily volume today.
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Systems resilient through Brexit
Commenting on how its systems and staff performed during the market turbulence, Mr. Dimon highlighted a memo to staff: “I want to thank our thousands of extraordinary employees across our businesses and functions who performed exceptionally well and worked around the clock in the wake of last night’s momentous Brexit decision. I am extremely proud to be your partner.”
He further explained, as per a description of the staff letter, following the Brexit-related market volatility this Friday, “You were there for our clients – rock solid and steadfast in meeting their needs, executing their transactions and providing liquidity.”
“We remained totally open and accessible on e-trading channels overnight and processed 1,000 trading tickets per second at one point. Our systems and technology were resilient, pricing was consistent, and feedback from clients was very good. FX volumes were a record overnight, and we expect to do three times the normal daily volume today,” concluded Mr. Dimon.
Despite the record high FX volumes for the investment bank, shares of JPMorgan under ticker JPM closed lower by nearly 7% to touch under $60.00 per share, after the trading session closed just over an hour ago this Friday in New York.