The Tradetech Daily

J.P. Morgan

J.P. Morgan

J.P. Morgan''s electronic client solutions (ECS) offers JPMX, a service that provides price improvement and liquidity in size to clients in North America, Europe, Japan and soon in Hong Kong.

Functionality and order Types

JPMX orders are matched under price-time priority at or within the prevailing market best bid or offer, subject to local regulations. Market, limit and peg orders with durations of day or immediate-or-cancel (North America only) are supported.

Access and participation

Any ECS client can access JPMX through the suite of ECS trading strategies. J.P. Morgan does not make markets in JPMX but sources liquidity from various trading desks within JPMorgan Chase, as well as from institutions, hedge funds and retail brokers.

Instruments traded

The dark pool trades equities only.

Order protection

Real-time anti-gaming logic is in place and the firm monitors for adverse price movement, aberrational spreads and suspicious fill patterns. JPMX supports minimum fill requirements. Immediate-or-cancels are available in North America only.

Connectivity/sharing agreements

While J.P. Morgan has reciprocal access to other broker dark pools as part of its dark pool aggregation strategies, the firm does not currently route flow from JPMX to other pools.