September 19, 2017
JPMorgan Chase has been routing customer orders for bitcoin -related instruments, a spokesman said on Monday, despite the bank’s chief executive’s calling the crypto currency “a fraud.”
Like other Wall Street banks, JPMorgan acts as an agent for buyers and sellers of Bitcoin XBT, an exchange-traded note designed to track the value of the crypto currency.
JPMorgan does not take positions in the instrument with its own capital and routes the orders electronically to exchanges, JPMorgan spokesman Brian Marchiony said.
“They are not JPMorgan orders,” Marchiony said. “These are clients purchasing third-party products directly.”
This article was posted: Tuesday, September 19, 2017 at 6:14 am