The purpose of this letter is to clarify the nature of the trading relationship between you and the Corporate & Investment Bank at JPMorgan Chase & Co. and its affiliates (together, “JPMorgan” or the “Firm”) and to disclose relevant practices of JPMorgan when acting as a dealer, on a principal basis, in the wholesale spot foreign exchange (“FX”) markets.  We want to ensure that there are no ambiguities or misunderstandings regarding those practices.

We ask that you read this letter because it sets forth our standard terms of spot FX dealing generally with our clients (together with other market participants, “counterparties”) in principal-to-principal transactions in the wholesale spot FX markets (as well as when you act as agent for another principal). It sets forth how we will communicate and transact in relation to requests for quotes, requests for indicative prices, discussion or placement of orders and all other expressions of interests that may lead to the execution of transactions and our management of potential or actual conflicts of interest in our principal-dealing and market-making activities.

JPMorgan is a global financial services firm that has operated and continues to operate as a dealer and market maker in the wholesale spot FX market. As such, JPMorgan engages in price quoting, order taking, trade execution and other related activities.  Unless otherwise agreed, JPMorgan engages in these transactions as principal for the benefit of the Firm. In that capacity, JPMorgan does not act as agent, fiduciary or financial advisor or in any similar capacity on behalf of its counterparties. JPMorgan is dedicated to upholding a high level of integrity and adhering to best practices and requirements published by relevant international groups and regulatory bodies in our dealings with counterparties.  Nonetheless, JPMorgan and its counterparties may have divergent or conflicting interests.

To the extent that you continue to discuss and/or enter into spot FX transactions with us and except as otherwise expressly agreed between JPMorgan and you (or otherwise provided in other applicable JPMorgan terms of dealing) or otherwise required by law or regulation, it will be on the basis of the terms disclosed in this letter.

Principal Trading

Market Making

Information Handling

If you have questions after reading this letter or concerning JPMorgan’s dealings with you, we encourage you to contact your senior JPMorgan representative. This letter is also available at and may be updated from time to time in order to address changing regulatory, industry and other developments.


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