JPMorgan Counterparty Platt Says Bank’s Trading Loss May Widen

JPMorgan Chase & Co. (JPM) may face even bigger losses on faulty bets in credit markets if Europe’s debt crisis worsens, according to one of the hedge funds that took the other side of the trades.

“They’re not out of those positions,” Michael Platt, co- founder and chief executive officer of BlueCrest Capital Management LLP, said today in an interview on Bloomberg Television’s “Inside Track.” “If we end up with a catastrophe in Europe in the short run, they’re probably not positions that anyone would want to have.”

BlueCrest, based in Geneva, manages $32 billion. Platt said a credit fund run by his firm took a “small” position against JPMorgan after finding “anomalies” in the pricing of certain credit derivatives. BlueCrest would make money as the prices corrected, he said.

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- Posted: 2012-05-21 11:06:18

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