WASHINGTON — The top five U.S. financial institutions benefited from a funding advantage in key markets prior to the enactment of regulatory reform, according to a study released Tuesday by economists at the Federal Reserve Bank of New York.

Banks like the JPMorgan Chase & Co., Citigroup Inc., and Bank of America Corp. gain an additional discount from bond investors by about 31 basis points compared to smaller institutions, according to Joao Santos, a vice president at the New York Fed and the author of the study.

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