JPMorgan Cuts Ties with Jane Street Amid Bond Market Rivalry

JPMorgan Chase & Co has reduced its financing to Jane Street, a quantitative trading giant that has been expanding into the U.S. Treasury market-making space.

The move marks escalating tensions between Wall Street's legacy dealers and non-bank trading firms that are increasingly capturing market share across fixed-income markets.

Jane Street executed over $900 billion in bond trades last year, generating nearly $40 billion in trading revenue, which is roughly on par with JPMorgan's $41 billion division total through August.