If you exclude your talent base from the benefits of hiring and deploying and making women successful, you're going to do less well than businesses that do a better job on that front.
The thing about innovation in financial markets is they're always building on what has come before. It's a natural process.
I have a quantitative background, but really, derivatives appealed to me because they require so much creativity.
Blockchain technology, or distributed ledger technology, is just a way of using the modern sciences of encryption to enable entities to share a common infrastructure for database retention.
I think the most important thing to understand about credit derivatives and their use at JPMorgan is they served a number of different purposes. First and foremost, they were a tool which initially was seen as being useful in managing the bank's own risk management challenges.
In bypassing barriers between different classes, maturities, rating categories, debt seniority levels and so on, credit derivatives are creating enormous opportunities to exploit and profit from associated discontinuities in the pricing of credit risk.
We all want a non-fragmented solution, but the utopian version of a single blockchain to rule them all is undesirable and impractical.
