Rates specialists face regulatory headwinds

Analysts have latched on to a little-noticed data point at JP Morgan's annual investor day last week to predict impact of market structure regulations on investment banking revenues

A little-noticed data point at JP Morgan's annual investor day last week could provide a clue to the impact of market structure regulations on investment banking revenues, according to analysts – and it potentially spells bad news for a trio of rates specialists.

The US bank held its annual investor day in New York last Tuesday, at which Mike Cavanagh and Daniel Pinto, co-chief executives of the corporate and investment bank, spoke about the future of the division.

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