JPMorgan Chase (JPM) is trying to create a market in credit-default swaps tied to the bonds of Tesla (TSLA). It’s...sort of working?

A JPMorgan trader has sent around quotes to see if clients are interested in buying or selling CDS referencing Tesla bonds, according to people with direct knowledge of the trading. The dealer has managed to gather more than a few trades, in both directions, the people said.

But...