Leland (Lee) Price

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70 appearances 1 recordings 1 series first heard Jul 2026 last heard 10 Jul

Leland (Lee) Price’s voice in public audio — every appearance, attributed to the second.

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recordings per month · last 12 months

Recordings per month over the last 12 months — 1 in all, peaking in Jul 2026 with 1.

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Making Sense · What’s driving the systematic shift in commodities trading? · 10 Jul 2026 podcast

Hi there, and welcome to JPMorgan's Making Sense.

I'm Lee Price from the Pick Market Structure and Liquidity Strategy team.

Today, we're looking at how commodities markets are changing as systematic trading continues to grow.

Systematic trading involves using data and repeatable rules based processes to make decisions on how to size risk, when to enter and exit, and how to execute, rather than relying purely on discretion in the moment.

We'll discuss what's driving this evolution from new technology to new products, as well as observations on what market volatility means for trading behaviors and liquidity.

And finally, we'll anticipate what comes next.

including the emerging influence of AI.

To help unpack all that, I'm joined by my JP Morgan colleagues Max Lee in the Commodities Trading Group and Bico Agazino, who leads commodities quantitative trading.

Guys, thanks for being here.

Thanks for having me.

Great to be here.

Guys, commodities have been in focus this year with shifting macro expectations and elevated volatility across markets.

So metals and energy markets have captured a lot of the attention.

We've seen meaningful moves across other sectors as well.

While geopolitics, trade policy uncertainty, and energy supply have dominated the headlines, I would argue there's a structural evolution taking shape.

Thinking back to 2022 and 2023, you had extreme volatility in many commodity markets that brought a range of new market participants.

And as margins have stabilized since then, many firms have prioritized digital innovation, investing in machine learning, automation, advanced.

Advanced data processing technologies.

So we've seen a broader macro footprint across this space with a wider variety of market participants.

And in recent years, systematic participation in commodities has grown across physical markets, derivatives, multi-asset portfolios.

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