The world’s biggest financial market is embracing the iPhone era as investors find new ways to work when they’re not on the trading floor. In a JPMorgan Chase survey of more than 400 institutional FX, rates and commodities traders, 61 per cent said they’re “extremely” or “somewhat” likely to use a mobile trading app this year, up from 31 per cent in 2017.
However, half of the respondents, most of whom were FX traders, said company policy preventing trading on mobile was the main obstacle.
“We’ve seen quite a shift in terms of institutions allowing people to use mobile devices” in the last year, said Scott Wacker, global head of e-commerce sales and marketing at JPMorgan in London. “This form of communication is completely transforming how people do things.”
“As products become more electronic, you see more volumes come through, and the transparency increases,” Wacker said. “It creates quite a bit of efficiency, so it allows institutions to drive down their execution costs.” New MiFID II rules this year also loom large, with 73 per cent of traders in the Europe, Middle East and Africa region saying it would have a daily effect on their jobs. That compares with 47 per cent in the Americas and 45 per cent in Asia Pacific.
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