J.P. Morgan’s e-Trading Study Presents A 10-Year Retrospective

It has been 10 years since J.P. Morgan launched its annual e-Trading Edit, a comprehensive survey of trends and topics in the industry. More than 4,200 institutional traders responded in the 2025 survey, according to a story in MarketsMedia news. Scott Wacker, global head of FICC e-Sales and Kate Finlayson, global head of FICC market structure & liquidity strategy at J.P. Morgan, took the opportunity of the 10-year anniversary to discuss the “remarkable’ changes observed in electronic trading. Wacker described a domino effect of electronic trading moving from equities to FX and into broader FICC markets. Commodities had a huge influence on how we trade rates, and now into the credit world,” Wacker added. “We are even talking about mortgage-backed securities, ETFs and fixed income so there’s a lot coming down the pipe,” in electronic trading. Regulators’ push toward electronic trading provided market participants with more data and transparency, while improved functionality in execution management systems enabled clients to more easily access liquidity. Wacker noted for J.P. Morgan’s first algo in the US Treasury market, adoption was slow at first but the offering has gained momentum. Electronic trading historically has been seen as a top of book, small notional, large volume business, but more large transactions are taking place with little to no information leakage. Finlayson highlighted how trading techniques and tools can work together. For example, portfolio trading, algos and ETF primary and secondary trading have been combined to enhance liquidity, and she expects more innovation there. There are also tools that provide clients with insights on the best time periods for liquidity. Electronic trading has reduced friction, compressed margins, and narrowed bid-ask spreads. That more attractive marketplace has lured new entrants including systematic accounts and non-bank market makers, adding more liquidity.