Biometric security features enabling $100 million deals by traders on mobile devices
Advanced security features for mobile apps like fingerprint and facial recognition are making financial companies more comfortable with employees performing mobile transactions, enabling traders to make $100 million deals on smartphones, Bloomberg reports.
More than 60 percent of institutional FX, rates, and commodities traders told a JPMorgan Chase & Co survey that they are “extremely likely” or “somewhat likely” to use a mobile trading app this year, nearly twice as many as in 2017 (31 percent). Half of respondents also said the biggest barrier to mobile trading is company policy.
Deals for $100 million are not uncommon on JPMorgan’s FX trading app, which is most commonly used by hedge funds and other financial institutions, according to Bloomberg, and the largest trade was over $400 million.