The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookiesbefore using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Awards for Excellence 2011: Best Global commodities house

Acquisitions have enabled the firm to fuse derivatives strength with physical commodities trading.

Awards for Excellence 2011

Best Global commodities house: JPMorgan
Also nominated: Deutsche Bank and Morgan Stanley

The energy price spike in 2011 has led banks’ commodities revenues to rebound after the relative oil-price stability of 2010. According to one study, the commodities revenues of a group of 10 of the world’s largest banks increased 55% in the first quarter.

This has also been the year in which JPMorgan secured its place in the commodities firmament. In March, research by US consultant Greenwich Associates found that JPMorgan had overtaken Goldman Sachs and Morgan Stanley as the world’s top energy trader, with 41% of over-the-counter energy trading, measured by client numbers.

The story starts in 2007, when Blythe Masters, formerly CFO of JPMorgan’s investment bank, became the firm’s head of global commodities. At the time, the firm was strong in commodity derivatives. But it lacked physical trading facilities, particularly in energy.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.

By continuing to use & browse the site you agree to our Privacy Policy.
I agree