JPM

JPMorgan Chase & Co

research_scan theme='dollar-system'; value_chain_position='picks-and-shovels'; Largest primary dealer + prime-brokerage franchise; new to slate this scan on the June 22, 2026 FEDS Note documenting doubling of hedge-fund Treasury exposures 2023-2025 (basis-trade tier). FICC desks warehouse both the fourth non-informed Treasury-bid conduit (basis trade) and the AI-capex debt-financing pipeline (C-08), making JPM the connective-tissue beneficiary of both mechanisms.