From Jesse's Cafe American: J. P. Morgan said today that they will be shutting down their proprietary commodity trading operations in response to the Volcker Rule in the Financial Reform legislation.The JPM proprietary commodity trading group is headquartered in London with a few traders located in New York.
Within the past month trading head Blythe Masters had reassured her traders that things in the unit would continue on as they had been despite losses and layoffs.
Employees are being told that they may apply for other positions now.
Speculation is that this is also in response to position limits and other reforms in the Commodity Markets spearheaded by Commissioner Bart Chilton which will make it more difficult for large players to dominate the short term markets through sheer position size.....read on
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