JPMorgan's trading seems to have become more efficient, according to Financial News Online. The bank's trading revenues rose by 24 percent to a record $4.1 billion, while its VAR (value-at-risk) fell by nearly 10 percent from the previous quarter. Contrast that with some of the other premiere firms. Goldman Sachs' trading revenues also rose 24 percent (to $6.8 billion) in the quarter, but its VAR rose 38 percent. Morgan Stanley's revenue rose 33 percent but its VAR increased 41.5 percent. As for asset breakdowns, most of the VAR reductions seem to have come from fixed-income trading. The recent swing reflects the desire of CEO Jaime Dimon to impose more discipline on the bank and some executive shifts. In previous years, the bank was chided for what some termed volatile trading performances. For example, JPMorgan recorded a 72 percent drop in trading revenues in the second quarter of 2005 followed by a 75 percent rise.

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- here's the article Financial News Online