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Homesecurities financing

JPMorgan’s securities financing book surged before the Jane Street loss

21 September 2026BanksBasel Endgame, Federal Reserve, JP Morgan, Pillar 3, securities financingNick Dunbar

JPMorgan’s securities financing exposure grew 35% in the first half of 2026, just before Jane Street’s $15 billion loss put bank exposures to trading firms under Fed and Bank of England scrutiny. The Fed’s own capital proposals would end the disclosures that reveal it.

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ETFs, capital arbitrage and Morgan Stanley

22 January 2017Banksderivative assets, exchange-traded funds, high yield bonds, incremental risk charge, Market RWAs, Morgan Stanley, securities financingNick Dunbar

After making dramatic cuts to its balance sheet and capital requirements, Morgan Stanley is boosting returns in fixed income. Is the bank using bond ETFs for regulatory capital arbitrage?

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