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JP Morgan may cut the cord for traders

US bank in talks to move worldwide trading systems to Internet-based service maintained by a startup

JP Morgan is in talks to shift its worldwide trading systems to the cloud
JP Morgan is in talks to shift its worldwide trading systems to the cloud

After decades of transmitting trades by phone line, JP Morgan Chase is close to cutting the cord.

The largest US bank by assets said it is in discussions to move its worldwide trading systems to an Internet-based "cloud" computing service maintained by startup Cloud9 Technologies. The New York bank lent money to Cloud9 in 2015, said Rick Smith, head of private investments at JP Morgan.

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