JPM launches real-time order transparency tool

Platform aims to make algos and smart order routing more transparent by enabling buy-side to track in real-time.

JP Morgan has launched a trade analytics platform to provide clients with detailed real-time information on their trades, including order routing data.

The platform, called JP Morgan Analytics+ (JPMA+), enabled clients to view intra-trade streaming analytics for cash equities orders, recording each link in the execution chain, including algos and smart order router on both lit and dark venues.

Clients will able to view the information in real-time via “routes reports” and deconstruct their orders to analyse their trading performance.

Daniel Ciment, global head of equities execution services at JP Morgan, said: “What we’re doing with JPMA+ is taking transparency to the next level. Clients are always asking us questions about how their orders are routed and for a long time we have delivered that information on a post-trade basis. Now they can see in real-time exactly what is happening to their trades.”

He added that delivering so much data to clients in real-time has been challenging but “will add a lot of value for clients because they can adapt much more quickly when they get this information in real-time.”

As well as offering transparency for order routing, the platform also provides aggregated pre-trade and post-trade analytics tools so clients can review their trades and assess the risks and costs associated with them.

The product, which is available via a web portal, has already been available to a small number of JP Morgan’s biggest accounts, but is now being rolled out globally to all clients.