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JPMorgan Asset Management’s Quinsee Says Trading Has Improved

Paul Quinsee, who oversees $120 billion as head of JPMorgan Asset Management’s large-capitalization core equity division, comments on how trading is generally cheaper than it used to be. He spoke in an interview with Erik Schatzker and Stephanie Ruhle on Bloomberg Television’s “Market Makers.”

On high-frequency trading:

“High frequency is one of these issues that we hear is putting off the stock market, and I think that’s a great pity. Because net, we think that our ability to trade stocks for clients actually over the last five years is considerably improved.”

“We’ve had to really raise our game. We’ve made a lot of investments in technology. It’s generally cheaper to trade stocks now than it used to be, and that’s got to be a good thing for our clients.”

On markets and Europe:

“What’s happening in Europe has been very helpful in calming people down. One outcome of that is that people feel a bit more comfortable about owning stocks and we’re seeing this sort of very high frequency stocks fall off the edges. Low volumes are not necessarily a bad thing.”

“When you start to compare valuations with bonds, which is where of course so much of the money has been going recently, things look really quite interesting there. One-third of the S&P is still yielding more than the 10-year Treasury. We haven’t seen that in modern times. That’s a very unusual balance still very much in favor of stocks.”

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