Making Sense

Mega deals and market shifts: 2025 investment banking recap and 2026 outlook

How did investment banking clients navigate a year of uncertainty, and what’s next for dealmaking and capital markets? In this episode, Dorothee Blessing, Global Head of Investment Banking Coverage, is joined by Anu Aiyengar, Global Head of Advisory and M&A, and Kevin Foley, Global Head of Capital Markets. Together, they break down the forces that shaped 2025—from cautious optimism and strategic adaptation to the surge in mega deals and the transformative impact of AI. Looking ahead, they share actionable insights on M&A, IPOs, private capital, and global market trends that will define opportunities and risks in 2026. Tune in for expert perspectives on building resilience, seizing growth, and preparing for the future of investment banking. This episode was recorded on December 8, 2025. This material was prepared by certain personnel of JPMorgan Chase & Co. and its affiliates and subsidiaries worldwide and not the firm’s research department. It is for informational purposes only, is not intended as an offer or solicitation for the purchase, sale or tender of any financial instrument and does not constitute a commitment, undertaking, offer or solicitation by any JPMorgan Chase entity to extend or arrange credit or provide any other products or services to any person or entity.  © 2025 JPMorgan Chase & Company. All rights reserved.

Live from the trading floor: Views on global rates, FX, and EM

In this episode, Brady Leventhal, head of North America FX Sales for Hedge Funds, is joined by Matthew Franklin Lyons, head of Global Rates Trading and Fixed Income Financing, and Stephen Jeffries, head of Currencies in Emerging Markets and FX Services Trading. Together, they recap highlights from J.P. Morgan’s recent 10th annual Global Macro Conference, along with key risks and opportunities for 2026 across global rates, FX and emerging markets.   This episode was recorded on December 8, 2025.   The views expressed in this podcast may not necessarily reflect the views of JPMorgan Chase & Co, and its affiliates, together J.P. Morgan, and do not constitute research or recommendation advice or an offer or a solicitation to buy or sell any security or financial instrument. They are not issued by Research but are a solicitation under CFTC Rule 1.71. Referenced products and services in this podcast may not be suitable for you, and may not be available in all jurisdictions. J.P. Morgan may make markets and trade as principal in securities and other asset classes and financial products that may have been discussed. The FICC market structure publications, or to one, newsletters, mentioned in this podcast are available for J.P. Morgan clients. Please contact your J.P. Morgan sales representative should you wish to receive these. For additional disclaimers and regulatory disclosures, please visit www.jpmorgan.com/disclosures [http://www.jpmorgan.com/disclosures] © 2025 JPMorgan Chase & Company. All rights reserved.

Trading Insights: What to watch in equity markets heading into year-end

In this episode, Eloise Goulder speaks with Andrew Tyler, Global head of Market Intelligence, and Federico Manicardi, International head of the Market Intelligence at J.P. Morgan. They discuss strength in equity markets over 2025, from the macro backdrop to corporate earnings and central bank policy. They also explore the relative outperformance in EM, Europe and several APAC markets, as well as the respective drivers for these moves. Finally, they hone in on highest conviction opportunities for equities into year-end, plus key catalysts and risks to watch in the weeks ahead.    This episode was recorded on December 1, 2025.   The views expressed in this podcast may not necessarily reflect the views of J.P. Morgan Chase & Co and its affiliates (together “J.P. Morgan”), they are not the product of J.P. Morgan’s Research Department and do not constitute a recommendation, advice, or an offer or a solicitation to buy or sell any security or financial instrument.  This podcast is intended for institutional and professional investors only and is not intended for retail investor use, it is provided for information purposes only. Referenced products and services in this podcast may not be suitable for you and may not be available in all jurisdictions.  J.P. Morgan may make markets and trade as principal in securities and other asset classes and financial products that may have been discussed.  For additional disclaimers and regulatory disclosures, please visit: www.jpmorgan.com/disclosures/salesandtradingdisclaimer [http://www.jpmorgan.com/disclosures/salesandtradingdisclaimer]. For the avoidance of doubt, opinions expressed by any external speakers are the personal views of those speakers and do not represent the views of J.P. Morgan. © 2025 JPMorgan Chase & Company. All rights reserved.

AI, policy and the future of US power trading

The U.S. power market is undergoing a dramatic transformation, driven by the explosive growth of AI data centers and evolving priorities. Join Leland Price from the FICC Market Structure & Liquidity Strategy team and Chris Wu, Head of U.S. Power Trading, as they discuss the evolving landscape of power trading in the U.S. This episode explores the surge in electricity demand, capacity constraints, and the impact of policy developments on trading dynamics. The conversation also examines the role of renewables and natural gas, the challenges facing grid infrastructure and the implications of new entrants to the market. Tune in for insights on how market structure is adapting to meet the demands of a new era in U.S. energy. This episode was recorded on November 7, 2025.  The views expressed in this podcast may not necessarily reflect the views of JPMorgan Chase & Co and its affiliates together, JP Morgan, and do not constitute research or recommendation advice or an offer or a solicitation to buy or sell any security or financial instrument. They are not issued by JP Morgan's Research Department but are a solicitation under CFTC Rule 1.71. Reference products and services in this podcast may not be suitable for you and may not be available in all jurisdictions. JP Morgan may make markets and trade as principal in securities and other asset classes and financial products that may have been discussed. The FICC market structure publications or to one, newsletters, mentioned in this podcast are available for JP Morgan clients. Please contact your JP Morgan sales representative should you wish to receive these. For additional disclaimers and regulatory disclosures, please visit www.jpmorgan. com/disclosures. Copyright 2025, JPMorgan Chase & Company, all rights reserved.

Trading Insights: Unpacking innovations in quantitative investment strategies (QIS)

In this episode, Arnaud Jobert, co-head of Strategic Indices for Markets and Global Head of Equity Structuring, speaks with Eloise Goulder, head of the Data Assets & Alpha Group here at J.P. Morgan. They discuss the drivers of growth in the QIS business at J.P. Morgan, the types of alphas they look to provide systematic exposure to, from x-asset risk premia, to x-asset trend, to intraday- and vol-based strategies, and the evolution in investing client demand for these products.  Finally they discuss further product innovation potential, from leveraging LLMs to expanding investment markets.    Shownotes: * Intraday options, levered ETFs and the retail investor [https://podcasts.apple.com/us/podcast/trading-insights-intraday-options-levered-etfs-and/id1456184829?i=1000718418312] with Matthieu Boisot, head of Cross-Asset, Volatility and Intraday Product Development for QIS – Jul ‘25 * Evolution of the Markets Structuring business [https://podcasts.apple.com/gb/podcast/trading-insights-evolution-of-the-markets/id1456184829?i=1000694615121] with Rui Fernandes, Head of Structuring - Feb ‘25 * QIS Developments and the use of LLMs  [https://podcasts.apple.com/us/podcast/trading-insights-qis-developments-and-the-use-of-llms/id1456184829?i=1000676670899]with Deepak Maharaj, Head of Equities and Cross Asset QIS Structuring – Nov ‘24 * Extending the trend, with JP Morgan’s Lead CTA Structurer [https://podcasts.apple.com/gb/podcast/market-matters-data-assets-alpha-group-extending-the/id1456184829?i=1000658673333] with Jagadish Chalasani, Investible Indices team – Jun ‘24   This episode was recorded on 15th October 2025.   The views expressed in this podcast may not necessarily reflect the views of J.P. Morgan Chase & Co and its affiliates (together “J.P. Morgan”), they are not the product of J.P. Morgan’s Research Department and do not constitute a recommendation, advice, or an offer or a solicitation to buy or sell any security or financial instrument.  This podcast is intended for institutional and professional investors only and is not intended for retail investor use, it is provided for information purposes only. Referenced products and services in this podcast may not be suitable for you and may not be available in all jurisdictions.  J.P. Morgan may make markets and trade as principal in securities and other asset classes and financial products that may have been discussed.  For additional disclaimers and regulatory disclosures, please visit: www.jpmorgan.com/disclosures/salesandtradingdisclaimer [http://www.jpmorgan.com/disclosures/salesandtradingdisclaimer]. For the avoidance of doubt, opinions expressed by any external speakers are the personal views of those speakers and do not represent the views of J.P. Morgan. © 2025 JPMorgan Chase & Company. All rights reserved.