Scott Olson/Getty ImagesMarkets have produced bizarre and historic results in the first half of 2020, creating stark swings and diverging fortunes for traders.
A trio of French banks, on the other hand, absorbed $1.5 billion in losses earlier this spring when structured derivatives tied to corporate derivatives went up in smoke. In aggregate, performance is expected to suffer at Wall Street banks as the economy struggles to right itself in the face of the coronavirus — KBW is predicting earnings to fall 25% year-over-year at the median universal bank in the second quarter.
, on par with what it made in all of 2019, with a little less than half of the tally coming from its flow derivatives traders, according to people familiar with the numbers. But even as volatility calmed, JPMorgan continued to press its lead in the second quarter, and there isn't a runner up in flow derivatives — Goldman Sachs and Morgan Stanley have dominated the space in recent years and are said to be next in line — within $100 million of first place, the sources said.
Investment funds that took the opposite side of those trades, collecting small premiums to insure the banks against massive losses, ended up in a world of pain.how in one type of trade, Wall Street banks paid funds to effectively cover unlimited losses in the event of a severe market crash — in part to unload risk from their books and pass muster with regulators — which counterparties were happy to do since they presumed the contract would never pay out.
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