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JPMorgan Trader’s Heft Has Impact

Trader has derivatives positions so large that theyre said to distort prices.

By Stephanie Ruhle, Bradley Keoun and Mary Childs, Bloomberg | Updated on April 06, 2012

A JPMorgan Chase & Co. trader of derivatives linked to the financial health of corporations has amassed positions so large that he’s driving price moves in the $10 trillion market, traders outside the firm said.

The trader is London-based Bruno Iksil, according to five counterparts at hedge funds and rival banks who requested anonymity because they’re not authorized to discuss the transactions. He specializes in credit-derivative indexes, a market that during the past decade has overtaken corporate bonds to become the biggest forum for investors betting on the likelihood of company defaults.

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