JPMorgan's CEO Jamie Dimon Highlights Record FX Volumes After Brexit Vote

Record overnight FX volumes were noted from major US financial banking conglomerate, JPMorgan Chase & Co, according to a letter sent to the company's staff from its CEO Jamie Dimon. The message came amid wild swings in currency markets and a global stock market selloff after the UK's vote to leave the EU was digested across financial markets today.

While financials took a hard hit in Friday's session, following a broad stock market selloff that started in Asia, then Europe, and finally hit the U.S. Finance Magnates reported a number of venues experiencing record high trading volumes.

FX volumes were a record overnight, and we expect to do three times the normal daily volume today.

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Systems resilient through Brexit Brexit Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Read this Term

Commenting on how its systems and staff performed during the market turbulence, Mr. Dimon highlighted a memo to staff: "I want to thank our thousands of extraordinary employees across our businesses and functions who performed exceptionally well and worked around the clock in the wake of last night’s momentous Brexit decision. I am extremely proud to be your partner."

He further explained, as per a description of the staff letter, following the Brexit-related market volatility this Friday, "You were there for our clients - rock solid and steadfast in meeting their needs, executing their transactions and providing Liquidity Liquidity The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent Read this Term."

"We remained totally open and accessible on e-trading channels overnight and processed 1,000 trading tickets per second at one point. Our systems and technology were resilient, pricing was consistent, and feedback from clients was very good. FX volumes were a record overnight, and we expect to do three times the normal daily volume today," concluded Mr. Dimon.

Despite the record high FX volumes for the investment bank, shares of JPMorgan under ticker JPM closed lower by nearly 7% to touch under $60.00 per share, after the trading session closed just over an hour ago this Friday in New York.