According to data presented and published by ForexSchoolOnline, JP Morgan Chase & Co. is the leading firm in forex, holding a 10.78% market share. It is a significant improvement over its previous year’s performance of 9.81%.
It is particularly noteworthy seeing as the second firm, UBS, scored 8.13% only. Interestingly too, JP Morgan had at the start of 2020 predicted low trading liquidity, citing low market volatility.
One of the possible reasons behind its impressive performance could be its implementation of machine learning in trading. In its aforementioned report, the firm had predicted that electronic trading volumes would increase from 74% in 2019 to 84% in 2020.
To harness this potential, it launched an eFX algorithm that seeks to minimize market impact on order placements.
Leading Banks Globally with a Margin of Over $100 Billion in Market Cap
JP Morgan is also more than $100 billion ahead of its competitors in terms of market capitalization. According to a report published in July 2020, the bank has a market cap of $433 billion.
Bank of America comes in a distant second with $306.7 billion while ICBC is third at $290 billion.
The full story, statistics and information can be found here: https://www.forexschoolonline.com/jp-morgan-defies-all-odds-to-dominate-forex-with-a-10-market-share/