JPMorgan said there was about a one third chance of a no-trade deal Brexit at the year end but that brinkmanship between Britain and the European Union over coming months would make it appear a much greater risk. Britain left the EU on Jan. 31 but talks have so far made little headway on agreeing a new trade deal with the bloc by the time a status-quo transition arrangement ends in December. “The chance of no-deal is about a third, but with brinkmanship part of the process it may appear higher than that before agreement is reached,” JPMorgan analyst Malcolm Barr said in a research note to clients.