Blythe Masters, head of global commodities at JPMorgan Chase, said regulatory changes mean that banks can no longer base their commodity derivatives operations on proprietary trading and should instead broaden their client franchise. "Prior to the financial regulatory changes that have occurred in recent years, there was an opportunity for a bank to engage in commodity markets from a proprietary point of view and to mix that proprietary activity with client activity as a function of its discretion," Masters said. "That obviously is not an option any longer." Join SIFMA and Allen & Overy for a joint half-day seminar, Derivatives 101, on July 27 in NYC.

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