Sales & Trading FICC Market Structure & Liquidity Strategy 10 June 2026 J P M O R G A N EM Interest Rate Swaps: An evolving landscape An additional component of this growth has been the increasing appetite of emerging market (EM) IRS, led in part by a steady expansion of foreign portfolio participation in EM local markets.[3]In many EM jurisdictions, swaps can offer meaningful capital efficiency relative to cash bonds, often with more continuous liquidity across key tenors, providing cleaner expression of v ...