This disclosure is being provided by JPMorgan Chase & Co. and its affiliates (together, “J.P. Morgan”) when acting as a market maker, on a principal basis, in the wholesale electronic spot foreign exchange ("FX") market in connection with J.P. Morgan’s FX Aggregator. The FX Aggregator described herein is a fee-based service available on J.P. Morgan Markets (“JPMM”).
The FX Aggregator is an FX trading tool that offers counterparties the option to receive a stream of either (i) the better of the J.P. Morgan Price and the J.P. Morgan Aggregator Price or (ii) the J.P. Morgan Aggregator Price, in each case for certain notional amounts made available by J.P. Morgan. When using the FX Aggregator, clicking to execute will attempt to transact against the price stream that has a better price for the relevant notional amount. The price at which execution of an FX transaction occurs may be subject to any trading parameters established by counterparties, including any tolerance parameters. Additionally, prior to the execution of any FX transaction through the FX Aggregator, J.P. Morgan will apply certain pre-trade controls including those described in the Trade Matching and “Last Look” in the Wholesale Electronic Foreign Exchange and Commodities Markets disclosure provided below. J.P. Morgan may reject an order if it fails any of these pre-trade control checks. All FX transactions executed through the FX Aggregator are with J.P. Morgan as counterparty on a principal basis.
The FX Aggregator 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. J.P. Morgan is not responsible for the accuracy and completeness of any data or information sourced through the FX Aggregator.
As used herein,
“J.P. Morgan Price” means a price (bid/offer) determined by J.P. Morgan in its sole discretion and shown to a counterparty based on a number of factors, including but not limited to, available pricing data (whether based on internal proprietary logic or external sources). The J.P. Morgan 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.
“J.P. Morgan Aggregator Price” means a price (bid/offer) shown in the FX Aggregator reflecting select market liquidity visible to J.P. Morgan. The J.P. Morgan Aggregator Price will include market liquidity from select external venues and may include liquidity from J.P. Morgan internal liquidity streams. The external venues are selected by J.P Morgan in its sole discretion and are subject to change. Certain market liquidity may not be available in the FX 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.
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