Data sources: J.P. Morgan and external venues. Data is provided for informational purposes only and is subject to change without notice. Data may be delayed. Any pricing information provided does not necessarily reflect the prices at which a trade would be executed on JPMM or on an external venue to J.P. Morgan. J.P. Morgan is not responsible for any data or information taken from venues external to J.P. Morgan.

“JPM Price” means the J.P. Morgan eCommerce price which is a price formed on a rules basis, based on a number of factors, including but not limited to, pricing data (whether from internal or external sources).  The JPM Price may differ from the foreign exchange rates at which comparable foreign exchange transactions are offered or entered into by J.P. Morgan with other customers or counterparties at the relevant time.

“Aggregator price” The FX Aggregator shows the available market liquidity visible to J.P. Morgan including selected external venues where J.P. Morgan has access to liquidity plus J.P. Morgan internal liquidity streams. Certain external market liquidity may not be displayed in the aggregator in the event of connectivity issues or where the external venue fails to provide an indication of the relevant liquidity or where the relevant data or information is not available to J.P. Morgan for any reason whatsoever. Certain liquidity may not be visible or available for aggregation on J.P. Morgan Markets (“JPMM”) for a number of reasons including the execution preferences of other trading clients.

Within the FX Aggregator, customers will have the option of viewing “Raw” and/or “Smart liquidity,” as defined below:

“Smart Liquidity” view is the liquidity that J.P. Morgan believes, applying its experience assessing liquidity in FX markets, is accessible to the customer should they try to lift/hit the aggregate market.  J.P. Morgan makes no guarantee that a certain level of liquidity will remain available once the customer enters a request to trade.

“Raw” view allows the customer to see the current market liquidity across external and internal liquidity streams visible to J.P. Morgan.

Please consult the following additional disclosures:

• J.P. Morgan Markets Disclosures
• For important disclosures in respect of JPMM material prepared by J.P. Morgan Sales and Trading personnel, please consult: www.jpmorgan.com/salesandtradingdisclaimer
• For disclosures relating to specific companies referenced in J.P. Morgan Research, please consult: www.jpmm.com/research/disclosures
• Regulatory Disclosures