Making Sense

J.P. Morgan

“Making Sense,” the podcast channel from J.P. Morgan’s Commercial & Investment Bank, brings you views and analysis from the Investment Banking, Markets and Research businesses. In each episode, experts discuss the latest market outlooks, trends and developments impacting our complex global economy.

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#414
Thursday · 8 min
The Fed hikes rates. What happens now?
For the first time in three years, the overnight federal funds rate is going up, as the Federal Open Market Committee (FOMC) voted to raise rates at its September meeting. In this episode of Making Sense, Samantha Azzarello, head of Content Strategy for Global Research, sits down with Michael Feroli, chief U.S. economist at J.P. Morgan, to discuss what went into the FOMC's decision, what to make of chair Kevin Warsh's press conference and how the unanimous Committee vote affects concerns over Fed independence. They also discuss whether rates might be considered restrictive, whether we're at the start of a hiking cycle and what to watch from here. This episode was recorded on September 17, 2026. This communication has been prepared based upon information from sources believed to be reliable, but J.P. Morgan does not warrant its completeness or accuracy except with respect to any disclosures relative to J.P. Morgan and/or its affiliates and an analyst's involvement with any company (or security, other financial product or other asset class) that may be the subject of this communication. Any opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice. Past performance is not indicative of future results. This communication is not intended as an offer or solicitation for the purchase or sale of any financial instrument. J.P. Morgan Research does not provide individually tailored investment advice. Any opinions and recommendations herein do not take into account individual circumstances, objectives, or needs and are not intended as recommendations of particular securities, financial instruments or strategies. You must make your own independent decisions regarding any securities, financial instruments or strategies mentioned or related to the information herein. Periodic updates may be provided on companies, issuers or industries based on specific developments or announcements, market conditions or any other publicly available information. However, J.P. Morgan may be restricted from updating information contained in this communication for regulatory or other reasons. This communication may not be redistributed or retransmitted, in whole or in part, or in any form or manner, without the express written consent of J.P. Morgan. Any unauthorized use or disclosure is prohibited. Receipt and review of this information constitutes your agreement not to redistribute or retransmit the contents and information contained in this communication without first obtaining express permission from an authorized officer of J.P. Morgan. © 2026, JPMorganChase & Co. All rights reserved.
#413
Wednesday · 19 min
Navigating credit markets in 2026: “Don’t let the macro narrative overwhelm the micro”
As Treasury yields stay elevated and spreads remain historically tight, rates appear to be bleeding directly into credit — and investors are increasingly viewing credit through a rates lens. In this episode of Making Sense, Brian LaRocca, head of Vida Portfolio Solutions, Americas, joins Benjamin Kinney, global head of Credit and Public Finance Sales, to discuss what a "ratesified" market structure means for price discovery, electronification and portfolio trading. They also explore how policy uncertainty may be better expressed in FX than duration, why AI/data-center financing is still in the early innings (and what that means for clearing prices and volatility) and how private credit is evolving after “SaaSPocalypse.” To learn more about J.P. Morgan's Vida Portfolio Solutions: https://jpmm.com/portfolio-solutions This episode was recorded on September 4, 2026. This communication is provided for information purposes only. Please visit www.jpmorgan.com/disclosures for important disclosures. © 2026, JPMorganChase & Co. All rights reserved.
#412
September 11 · 24 min
The future of treasury: From back office to strategic forefront
Treasury is no longer a back-office function. As businesses navigate increasing complexity, it has become a strategic driver of resilience, decision-making and growth. In this episode, Roxana Montazerian, EMEA Head of Broker Dealer and Specialty Finance Sales and Sara Castelhano, Head of UK, Europe & Canada Treasury Services discuss how treasury is evolving in response to changing business demands. They explore the growing role of technology, real-time data and AI, the skills treasury leaders need for the future and how organizations can transform treasury from an operational function into a source of strategic insight and competitive advantage. Learn more at: https://www.jpmorgan.com/payments/payments-emea This episode was recorded on July 17, 2026. ©2026 JPMorgan Chase & Co. All rights reserved. JPMorgan Chase Bank, N.A. Member FDIC. Deposits held in non-U.S. branches are not FDIC insured. Non-deposit products are not FDIC insured. All rights reserved. The statements herein are confidential and proprietary and not intended to be legally binding. Not all products and services are available in all geographical areas. Visit jpmorgan.com/paymentsdisclosure for further disclosures and disclaimers related to this content. This video-podcast/guide is confidential and proprietary to J.P. Morgan and is provided for your general information only. It is subject to change without notice and is not intended to be legally binding. Any services described in this video-podcast/guide are subject to applicable laws and regulations and service terms. Not all products and services are available in all locations. Eligibility for particular products and services will be determined by JPMorgan Chase Bank, N.A. or its affiliates. J.P. Morgan makes no representations as to the legal, regulatory, tax or accounting implications of the matters referred to herein. Any mentions of third-party trademarks, brand names, products and services are for referential purposes only and any mention thereof is not meant to imply any sponsorship, endorsement, or affiliation. J.P. Morgan and J.P. Morgan Payments are marketing names for certain businesses of JPMorgan Chase & Co. and its affiliates and subsidiaries worldwide JPMorgan Chase Bank, N.A., organized under the laws of U.S.A. with limited liability. The views and opinions expressed herein are those of the author and do not necessarily reflect the views of J.P. Morgan, its affiliates, or its employees. The information set forth herein has been obtained or derived from sources believed to be reliable. Neither the author nor J.P. Morgan makes any representations or warranties as to the information’s accuracy or completeness. The information contained herein has been provided solely for informational purposes and does not constitute an offer, solicitation, advice or recommendation, to make any investment decisions or purchase any financial instruments and may not be construed as such.
#411
September 8 · 14 min
How is automation shaping emerging markets?
In this episode of J.P. Morgan's Making Sense, Meridy Cleary from the FICC Market Structure and Liquidity Strategy team sits down with Carlos Gomez-Gascón, head of EM Rates e-Trading, to explore how automation is reshaping emerging market rates trading. They unpack the key difference between electronification and true automation and discuss how automated pricing and workflows can improve speed, transparency and scalability across EM bonds, interest rate swaps and FX swaps. The conversation also covers regional market-structure nuances (including repo and futures market dynamics), the rise of systematic funds, behavior during volatility and how trading workflows evolve through benchmark reform transitions. This episode was recorded on August 28, 2026. The views expressed in this podcast may not necessarily reflect the views of JPMorgan Chase & Co, and its affiliates, together J.P. Morgan, and do not constitute research or recommendation advice or an offer or a solicitation to buy or sell any security or financial instrument. They are not issued by Research but are a solicitation under CFTC Rule 1.71. Referenced products and services in this podcast may not be suitable for you, and may not be available in all jurisdictions. J.P. Morgan may make markets and trade as principal in securities and other asset classes and financial products that may have been discussed. The FICC market structure publications, or to one, newsletters, mentioned in this podcast are available for J.P. Morgan clients. Please contact your J.P. Morgan sales representative should you wish to receive these. For additional disclaimers and regulatory disclosures, please visit www.jpmorgan.com/disclosures © 2026 JPMorgan Chase & Company. All rights reserved.
#410
September 4 · 16 min
What's next for tech equity capital markets in a record year for mega-cap IPOs?
2026 continues to be a record year for equity capital markets globally — and the tech issuance calendar isn't showing signs of slowing down. In this episode of J.P. Morgan’s Making Sense, Eddie Byun, global head of Technology Equity Capital Markets (ECM), sits down with Jack Atherton, head of EMEA ECM Market Intelligence, to unpack what's driving this year's spike in activity, why investor demand is staying strong across blockbuster deals and how issuers are thinking about private versus public market access. They also explore two of the dominant narratives — AI and rates — that continue to shape markets into the second half of this year, share insights from recent mega deals on market depth and investor discipline and discuss what it all means as we head closer to year-end. This episode was recorded on August 28, 2026. This material was prepared by certain personnel of the investment banking group of JPMorgan Chase & Co. and its affiliates and subsidiaries worldwide and not the firm’s research department. It is for informational purposes only, is not intended as an offer or solicitation for the purchase, sale or tender of any financial instrument and does not constitute a commitment, undertaking, offer or solicitation by any JPMorgan Chase entity to extend or arrange credit or provide any other products or services to any person or entity.  © 2026 JPMorgan Chase & Company. All rights reserved.
#409
September 1 · 22 min
Innovate to simplify: Structuring for modern markets
In this episode of J.P. Morgan’s Making Sense, Gurps Kharaud, head of Equities, Structuring and Financing Digital Markets, sits down with Rui Fernandes, head of Global Structuring, to unpack how structuring is evolving in today’s markets. They discuss what clients are asking for (more leverage, financing, protection and tailored exposures), as well as the need to keep solutions as implementable as possible — in other words, innovate to simplify. The conversation also explores how AI is starting to accelerate speed-to-market, improve customization and enhance long-dated post-trade servicing across complex structured transactions. To learn more about J.P. Morgan's Vida Portfolio Solutions: https://jpmm.com/portfolio-solutions This episode was recorded on August 13, 2026. This communication is provided for information purposes only. Please visit www.jpmorgan.com/disclosures for important disclosures. © 2026, JPMorganChase & Co. All rights reserved.
#408
August 28 · 11 min
The capital required for critical supply chains
In this episode of J.P. Morgan’s Making Sense, Michael Johnson, Security and Resiliency Initiative lead for Energy and the U.S. Government, sits down with Ben Wilson, Co-head of North American Mergers & Acquisitions, and Andrew Castaldo, Co-head of Mid-Cap Mergers & Acquisitions, to weigh in on the future of global supply chains. Over the course of the conversation, they cover critical mineral supply chains, manufacturing bottlenecks, and the shift from just-in-time to just-in-case inventory. If you'd like to learn more, you can visit jpmorgan.com/sri. This episode was recorded on March 4, 2026. This material was prepared by certain personnel at the Investment Banking Group of JPMorgan Chase & Co. and its affiliates and subsidiaries worldwide, and not the firm's research department. It is for informational purposes only. It is not intended as an offer or solicitation for the purchase, sale, or tender of any financial instrument and does not constitute a commitment, undertaking offer, or solicitation by any JP Morgan Chase entity to extend or arrange credit or provide any other products or services to any person or entity. Copyright 2026, JPMorgan Chase & Co., all rights reserved.
#407
August 25 · 15 min
Power surge: The US electricity derivatives boom, with ElectronX
In this episode of J.P. Morgan’s Making Sense, Bryan Long, Power Trading and Origination at J.P. Morgan, is joined by Sam Tegel, CEO of ElectronX, to explore why US power has become an increasingly attractive and tradable product for a growing wave of global market participants. Against a backdrop of surging data center demand, renewable penetration, and grid complexity, they discuss how short-term electricity derivatives are unlocking new risk management tools and drawing in liquidity from proprietary trading firms, crypto miners, and institutional investors worldwide. The conversation also covers the convergence of power and compute costs, and what deeper market liquidity means for private capital deployment in US energy infrastructure. This episode was recorded on May 19, 2026. The views expressed in this podcast may not necessarily reflect the views of JPMorgan Chase & Co, and its affiliates, together J.P. Morgan, and do not constitute research or recommendation advice or an offer or a solicitation to buy or sell any security or financial instrument. They are not issued by Research but are a solicitation under CFTC Rule 1.71. Referenced products and services in this podcast may not be suitable for you, and may not be available in all jurisdictions. J.P. Morgan may make markets and trade as principal in securities and other asset classes and financial products that may have been discussed. The FICC market structure publications, or to one, newsletters, mentioned in this podcast are available for J.P. Morgan clients. Please contact your J.P. Morgan sales representative should you wish to receive these. For additional disclaimers and regulatory disclosures, please visit www.jpmorgan.com/disclosures © 2026 JPMorgan Chase & Company. All rights reserved.
#406
August 21 · 9 min
The new defense playbook: Partnerships, capital, capability
In this episode of J.P. Morgan’s Making Sense, Mark Marengo, head of Diversified Industries Investment Banking, sits down with Derek Chollet, head of the JPMorganChase Center for Geopolitics, to unpack what’s changing across defense and aerospace. They discuss where investment is flowing, how emerging technologies are reshaping capability and military readiness and why deeper public-private partnerships are becoming essential to move the sector forward in the U.S., Europe and beyond. This episode was recorded on March 4, 2026. This material was prepared by certain personnel at the Investment Banking Group of JPMorgan Chase & Co. and its affiliates and subsidiaries worldwide, and not the firm's research department. It is for informational purposes only. It is not intended as an offer or solicitation for the purchase, sale, or tender of any financial instrument and does not constitute a commitment, undertaking offer, or solicitation by any JP Morgan Chase entity to extend or arrange credit or provide any other products or services to any person or entity. Copyright 2026, JPMorgan Chase & Co., all rights reserved.
#405
August 18 · 13 min
Global equities check-in: Europe strong, Asia rebuilding
Can international equities keep leading as the rally broadens? In this episode of Making Sense, Edwina Lowe from J.P. Morgan's Data Assets and Alpha Group sits down with Federico Manicardi, head of International Market Intelligence, and Jigar Vakharia from the Positioning Intelligence team to unpack the landscape. They look at what’s driving Europe’s strength, why APAC is moving from stabilization to accumulation and how investor positioning is evolving across regions. They also discuss the key themes in play — from AI and semiconductors to miners and banks — as well as what risks could disrupt the path ahead, including rates, geopolitics and the fragility of investor conviction. This episode was recorded on August 13, 2026. The podcast's views do not necessarily reflect those of J.P. Morgan Chase & Co or its affiliates (together “J.P. Morgan) and are not from J.P. Morgan’s Research Department. They do not constitute recommendations or offers to buy or sell securities. Intended for institutional and professional investors, not retail use, it is for informational purposes only. Products and services mentioned may not suit all investors or be available in all jurisdictions. J.P. Morgan may make markets and trade in discussed securities and asset classes. Visit www.jpmorgan.com/disclosures/salesandtradingdisclaimer for more disclaimers and regulatory disclosures. External speakers' opinions are personal and not J.P. Morgan's views. © 2026 JPMorgan Chase & Company. All rights reserved.
#404
August 14 · 21 min
CPI, inflation & IMAX: Why “fun” still feels expensive
Inflation is cooling — at least on paper — so why does a night out still feel shockingly expensive? In this episode of J.P. Morgan’s Making Sense, U.S. rates strategist Harry Downie is joined by senior economist Mike Hanson and David Karnovsky, head of the U.S. Media, Entertainment and Advertising research team, to unpack the latest CPI report through the lens of “funflation” — rising costs tied to leisure and entertainment. They discuss what the CPI print says about the broader inflation trend, why prices can remain high even as inflation slows and why services inflation is still sticky. The conversation then shifts to premium entertainment, using IMAX and the current blockbuster hit The Odyssey to explore what’s driving leisure pricing trends today. This episode was recorded on August 12, 2026. This communication has been prepared based upon information from sources believed to be reliable, but J.P. Morgan does not warrant its completeness or accuracy except with respect to any disclosures relative to J.P. Morgan and/or its affiliates and an analyst's involvement with any company (or security, other financial product or other asset class) that may be the subject of this communication. Any opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice. Past performance is not indicative of future results. This communication is not intended as an offer or solicitation for the purchase or sale of any financial instrument. J.P. Morgan Research does not provide individually tailored investment advice. Any opinions and recommendations herein do not take into account individual circumstances, objectives, or needs and are not intended as recommendations of particular securities, financial instruments or strategies. You must make your own independent decisions regarding any securities, financial instruments or strategies mentioned or related to the information herein. Periodic updates may be provided on companies, issuers or industries based on specific developments or announcements, market conditions or any other publicly available information. However, J.P. Morgan may be restricted from updating information contained in this communication for regulatory or other reasons. This communication may not be redistributed or retransmitted, in whole or in part, or in any form or manner, without the express written consent of J.P. Morgan. Any unauthorized use or disclosure is prohibited. Receipt and review of this information constitutes your agreement not to redistribute or retransmit the contents and information contained in this communication without first obtaining express permission from an authorized officer of J.P. Morgan. © 2026, JPMorganChase & Co. All rights reserved.
#403
August 11 · 31 min
Inside Blackstone’s hedge fund investing platform
Hedge funds are back in focus as elevated stock-bond correlations challenge traditional portfolio construction. In this episode, Kumar Panja, EMEA head of Capital Advisory Group at J.P. Morgan, sits down with Joe Dowling, global head of Blackstone’s Multi-Asset Investing business (BXMA), and Riad Abrahams, head of Strategy, Risk and Quant Analytics in BXMA. Together, they discuss how Blackstone evaluates and partners with hedge fund managers, how they think about diversification versus “di-worsification” and why drawdown correlation matters as much as headline performance. They also explore the rise of managed accounts and seeding, the role of leverage and crowded positioning and how data and AI could reshape the next era of hedge fund edge. This episode was recorded on June 26, 2026. The podcast’s views do not necessarily reflect those of J.P. Morgan Chase & Co. or its affiliates (together “J.P. Morgan’) and are not from J.P. Morgan’s Research Department. They do not constitute recommendations or offers to buy or sell securities. Intended for institutional and professional investors, not retail use, it is for informational purposes only. Products and services mentioned may not suit all investors or be available in all jurisdictions. The information contained in this podcast shall not form the primary basis of any investment decision. It is the user’s responsibility to independently confirm the information and to obtain any other information deemed relevant to any investment decision. J.P. Morgan makes no representation or warranty (express or implied) regarding the fairness, accuracy, fitness for purpose, correctness or completeness of the statements, opinions, estimates, conclusions and other information contained in this podcast and J.P. Morgan accepts no responsibility whatsoever for any loss, direct or indirect, arising in connection therewith. J.P. Morgan may make markets and trade in discussed securities and asset classes. Visit www.jpmorgan.com/disclosures/salesandtradingdisclaimer for more disclaimers and regulatory disclosures. External speakers’ opinions are personal and not J.P. Morgan’s views. @2026 JPMorgan Chase & Company. All rights reserved.
#402
August 7 · 10 min
July jobs report: How a big headline miss may be overstating weakness
What should we make of a weak payroll print alongside a lower unemployment rate? In this episode of Making Sense, Lauren Brice from the North America Rates Sales team sits down with Mike Feroli, Chief U.S. Economist at J.P. Morgan, to unpack the July jobs report and what it implies for U.S. growth momentum in 2026. They discuss why the headline miss may overstate weakness, what steady-but-low private hiring says about layoffs and labor market “dynamism” and how participation and wage growth are shifting the inflation outlook. The conversation also covers sector signals like leisure and hospitality, the latest read-through from JOLTS, where (if anywhere) AI is showing up in the hard data and what upcoming CPI reports could mean for the next Fed move. This episode was recorded on August 7, 2026. This communication has been prepared based upon information from sources believed to be reliable, but J.P. Morgan does not warrant its completeness or accuracy except with respect to any disclosures relative to J.P. Morgan and/or its affiliates and an analyst's involvement with any company (or security, other financial product or other asset class) that may be the subject of this communication. Any opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice. Past performance is not indicative of future results. This communication is not intended as an offer or solicitation for the purchase or sale of any financial instrument. J.P. Morgan Research does not provide individually tailored investment advice. Any opinions and recommendations herein do not take into account individual circumstances, objectives, or needs and are not intended as recommendations of particular securities, financial instruments or strategies. You must make your own independent decisions regarding any securities, financial instruments or strategies mentioned or related to the information herein. Periodic updates may be provided on companies, issuers or industries based on specific developments or announcements, market conditions or any other publicly available information. However, J.P. Morgan may be restricted from updating information contained in this communication for regulatory or other reasons. This communication may not be redistributed or retransmitted, in whole or in part, or in any form or manner, without the express written consent of J.P. Morgan. Any unauthorized use or disclosure is prohibited. Receipt and review of this information constitutes your agreement not to redistribute or retransmit the contents and information contained in this communication without first obtaining express permission from an authorized officer of J.P. Morgan. © 2026, JPMorganChase & Co. All rights reserved.
#401
August 4 · 19 min
Geopolitics vs. markets: How might the US, China and Iran reshape global risk?
Markets have remained notably risk-on in 2026, even as geopolitical fragmentation, energy chokepoints and intensifying U.S.-China competition continue to raise the stakes for investors and businesses. In this episode of J.P. Morgan’s Making Sense, Joyce Chang, chair of Global Research at J.P. Morgan, is joined by Paul Haenle, head of APAC Policy and Strategic Competitiveness at J.P. Morgan, and Karim Sadjadpour, senior fellow at the Carnegie Endowment for International Peace, to unpack how the Middle East conflict could continue to unfold — and what elevated geopolitical risk means for global markets. They discuss the strategic objectives and end states of the conflict, how ongoing disruptions in the Strait of Hormuz and Bab el-Mandeb could impact global oil and LNG flows, as well as how China weighs the risks of instability against the opportunities of U.S. distraction. The conversation also looks ahead to the September U.S.-China summit and explores how AI competition is reshaping the relationship between the world’s two largest economies. This episode was recorded on July 22, 2026. This communication is provided for information purposes only. Please visit www.jpmm.com/research/disclosures for important disclosures. JPMorgan Chase & Co. or its affiliates and/or subsidiaries (collectively, J.P. Morgan) normally make a market and trade as principal in securities, other financial products and other asset classes that may be discussed in this communication. This communication has been prepared based upon information from sources believed to be reliable, but J.P. Morgan does not warrant its completeness or accuracy except with respect to any disclosures relative to J.P. Morgan and/or its affiliates and an analyst's involvement with any company (or security, other financial product or other asset class) that may be the subject of this communication. Any opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice. Past performance is not indicative of future results. This communication is not intended as an offer or solicitation for the purchase or sale of any financial instrument. J.P. Morgan Research does not provide individually tailored investment advice. Any opinions and recommendations herein do not take into account individual circumstances, objectives, or needs and are not intended as recommendations of particular securities, financial instruments or strategies. You must make your own independent decisions regarding any securities, financial instruments or strategies mentioned or related to the information herein. Periodic updates may be provided on companies, issuers or industries based on specific developments or announcements, market conditions or any other publicly available information. However, J.P. Morgan may be restricted from updating information contained in this communication for regulatory or other reasons. This communication may not be redistributed or retransmitted, in whole or in part, or in any form or manner, without the express written consent of J.P. Morgan. Any unauthorized use or disclosure is prohibited. Receipt and review of this information constitutes your agreement not to redistribute or retransmit the contents and information contained in this communication without first obtaining express permission from an authorized officer of J.P. Morgan. © 2026, JPMorganChase & Co. All rights reserved.
#400
July 30 · 22 min
Deals and discipline: What’s driving markets at mid-year?
Markets have powered through a volatile first half of 2026, despite geopolitical shocks, commodity swings, a more complex rates backdrop and increased scrutiny on the returns to AI and other growth investments. In this episode of J.P. Morgan’s Making Sense, Evan Junek, global head of Corporate Finance Advisory, and Charlie Bouckaert, global head of Advisory and M&A, discuss the factors underpinning this resilience. They explore why M&A volumes have hit record highs, why corporates are leaning in with speed and scale, as well as how boards are thinking about strategic readiness in a still-receptive capital markets environment. They also dive into the shift from sponsor-led to strategic-led deal dynamics, what cross-border activity signals about geographic growth divergence and how policy uncertainty and antitrust perceptions are shaping timelines. This episode was recorded on July 21, 2026. This material was prepared by certain personnel of the investment banking group of JPMorgan Chase & Co. and its affiliates and subsidiaries worldwide and not the firm’s research department. It is for informational purposes only, is not intended as an offer or solicitation for the purchase, sale or tender of any financial instrument and does not constitute a commitment, undertaking, offer or solicitation by any JPMorgan Chase entity to extend or arrange credit or provide any other products or services to any person or entity.  © 2026 JPMorgan Chase & Company. All rights reserved.
#399
July 28 · 21 min
Momentum vs. fundamentals in the AI trade: Insights from BlackRock
What's the right price for AI stocks? In this episode of Making Sense, Eloise Goulder, head of the Data Assets and Alpha Group at J.P. Morgan, speaks with Helen Jewell, International CIO of Fundamental Equities at BlackRock, about differentiating within the AI trade, and identifying companies with durable earnings power and high return on capital growth, versus simply those trading with momentum. They discuss where the market is (and isn't) discriminating across semis, memory and software and what to watch as the AI capex cycle evolves. This episode was recorded on April 6, 2026. The podcast's views do not necessarily reflect those of J.P. Morgan Chase & Co or its affiliates (together “J.P. Morgan) and are not from J.P. Morgan’s Research Department. They do not constitute recommendations or offers to buy or sell securities. Intended for institutional and professional investors, not retail use, it is for informational purposes only. Products and services mentioned may not suit all investors or be available in all jurisdictions. J.P. Morgan may make markets and trade in discussed securities and asset classes. Visit www.jpmorgan.com/disclosures/salesandtradingdisclaimer for more disclaimers and regulatory disclosures. External speakers' opinions are personal and not J.P. Morgan's views. © 2026 JPMorgan Chase & Company. All rights reserved.
#398
July 24 · 14 min
Sifting through shifts in Asia Pacific gold trading
Gold trading in APAC is evolving quickly, with record volumes, shifting participation and infrastructure upgrades reshaping liquidity and execution. In this episode of J.P. Morgan’s Making Sense, Khushil Nathoo from the FICC Market Structure & Liquidity Strategy team and Ravi Ramakrishnan, senior precious metals trader for Asia, discuss what’s driving heightened activity in gold, how clients are accessing liquidity and where trading could gravitate as new hubs and clearing initiatives take shape. Nathoo and Ramakrishnan also explore the impact of electronic execution, the interplay between central bank and retail demand in Asia and what tokenization, gold-backed stablecoins and digital platforms may mean for market structure and available free float over time. This episode was recorded on July 16, 2026. The views expressed in this podcast may not necessarily reflect the views of JPMorgan Chase & Co, and its affiliates, together J.P. Morgan, and do not constitute research or recommendation advice or an offer or a solicitation to buy or sell any security or financial instrument. They are not issued by Research but are a solicitation under CFTC Rule 1.71. Referenced products and services in this podcast may not be suitable for you, and may not be available in all jurisdictions. J.P. Morgan may make markets and trade as principal in securities and other asset classes and financial products that may have been discussed. The FICC market structure publications, or to one, newsletters, mentioned in this podcast are available for J.P. Morgan clients. Please contact your J.P. Morgan sales representative should you wish to receive these. For additional disclaimers and regulatory disclosures, please visit www.jpmorgan.com/disclosures © 2026 JPMorgan Chase & Company. All rights reserved.
#397
July 14 · 16 min
The rise, reach and rallying power of the retail investor in Asia
Retail participation in Asia is not just significant — in many markets, it’s dominant. In this episode of Making Sense, Eloise Goulder, head of the Data Assets and Alpha Group at J.P. Morgan, sits down with Clare Witts, head of APAC Equity Market Structure, to chart the rise of retail investing and its effect on liquidity and market performance. Witts offers her perspective on concentration in single stocks, retail appetite for ETFs and derivatives, and how Asian exchanges are responding to this powerful phenomenon. This episode was recorded on June 26, 2026. The podcast's views do not necessarily reflect those of J.P. Morgan Chase & Co or its affiliates (together “J.P. Morgan) and are not from J.P. Morgan’s Research Department. They do not constitute recommendations or offers to buy or sell securities. Intended for institutional and professional investors, not retail use, it is for informational purposes only. Products and services mentioned may not suit all investors or be available in all jurisdictions. J.P. Morgan may make markets and trade in discussed securities and asset classes. Visit www.jpmorgan.com/disclosures/salesandtradingdisclaimer for more disclaimers and regulatory disclosures. External speakers' opinions are personal and not J.P. Morgan's views. © 2026 JPMorgan Chase & Company. All rights reserved.
#396
July 10 · 21 min
What’s driving the systematic shift in commodities trading?
Amid elevated volatility and rapid advances in technology, systematic trading is gaining steam in commodities markets. Join Leland Price from the FICC Market Structure & Liquidity Strategy team alongside commodity traders Max Lee and Biko Agozino as they discuss what’s driving the growth of quantitative strategies across commodities and what it means for market participants today. Explore how automation is unlocking access to OTC liquidity, alpha opportunities emerging from inefficiency as well as how API connectivity and AI are shaping the modern trader’s toolkit. This episode was recorded on June 25, 2025. The views expressed in this podcast may not necessarily reflect the views of JPMorgan Chase & Co, and its affiliates, together J.P. Morgan, and do not constitute research or recommendation advice or an offer or a solicitation to buy or sell any security or financial instrument. They are not issued by Research but are a solicitation under CFTC Rule 1.71. Referenced products and services in this podcast may not be suitable for you, and may not be available in all jurisdictions. J.P. Morgan may make markets and trade as principal in securities and other asset classes and financial products that may have been discussed. The FICC market structure publications, or to one, newsletters, mentioned in this podcast are available for J.P. Morgan clients. Please contact your J.P. Morgan sales representative should you wish to receive them. For additional disclaimers and regulatory disclosures, please visit www.jpmorgan.com/disclosures Copyright 2026 JPMorgan Chase & Co. All rights reserved.
#395
July 7 · 19 min
The future of commerce: Why checkout matters most
The checkout has become one of the most important moments in the customer journey — where growth, customer experience and digital transformation converge. In this episode, Patricia Brolly, head of EMEA Merchant Acquiring Product, and Ciaran Walsh, head of Europe Corporate Sales at J.P. Morgan Payments, explore why the checkout has evolved from an operational necessity into a strategic growth engine. They discuss how businesses can reduce friction, localize payment experiences, leverage data and AI, as well as balance innovation with security to drive conversion and scale across EMEA’s diverse markets. This episode was recorded on May 26, 2026. J.P. Morgan and third parties listed on this page have not entered into a legal partnership to provide the services described above. Third party trademarks, brand names, and descriptions of products and services that appear on this page are provided by the respective third party. J.P. Morgan is not liable or responsible for such trademarks, brand names, descriptions of products, companies, and/or services. J.P. Morgan may generate profit from the use of any services or products provided by the third parties. Nothing in this material shall be taken as an endorsement of any third party or advice on the suitability of the third party services for the client. You shall make an independent determination for selection of the services provided by the third parties. Neither J.P. Morgan nor its affiliates shall be liable to you for any loss or liability suffered by you from the use of the third party services. The views and opinions expressed herein are those of the author and do not necessarily reflect the views of J.P. Morgan, its affiliates, or its employees. The information set forth herein has been obtained or derived from sources believed to be reliable. Neither the author nor J.P. Morgan makes any representations or warranties as to the information's accuracy or completeness. The information contained herein has been provided solely for informational purposes and does not constitute an offer, solicitation, advice, or recommendation to make any investment decisions or purchase any financial instruments and may not be construed as such. Any future capabilities of mobility payment systems are under development. Features and timelines are subject to change at the bank's sole discretion. Copyright 2026 JPMorgan Chase & Co. All rights reserved. JPMorgan Chase Bank, N.A. Member FDIC. Deposits held in non-US branches are not FDIC-insured. Non-deposit products are not FDIC-insured. The statements herein are confidential and proprietary and not intended to be legally binding. Not all products and services are available in all geographical areas. Visit jpmorgan.com/paymentsdisclosure for further disclosures and disclaimers related to this content.

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