Aqua

Helping you adapt to conditions

The intelligent, liquidity-seeking algorithm for equities

Aqua helps you navigate the liquidity landscape across the globe
while minimizing market impact.

Using real-time analytics and advanced statistical modeling, Aqua adapts to market conditions
to maximize liquidity capture efficiently.

With six user-specified urgency levels ranging from passive dark participation to aggressive liquidity taking, you can configure the strategy around your individual trading objectives.

 

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Aqua overview video

Learn how Aqua can help you source liquidity.

Play video about Aqua overview video

Aqua Blocks

Maximizing access to block liquidity can improve your execution performance in today’s fragmented market. Use Aqua Blocks — an urgency level in J.P. Morgan’s Aqua — to source sizable liquidity and gain comprehensive access to block venues.

Aqua Blocks Venues

  • BIDS
  • BlockCross
  • JPM-X
  • Liquidnet H20

Minimum Quantity Matrix1

  ADV (shares)
Price (USD) < 500K 500–2M 2M+
< $10 2,000 5,000 10,000
$10–$100 1,500 2,000 5,000
$100+ 1,000 1,500 2,000
1. The matrix figures are default settings that are subject to change.

Aqua Blocks Venues

  • ITG POSIT
  • JPM-X Conditionals
  • MS Pool
  • Turquoise Block Discovery Service
  • Turquoise Periodic Uncross
  • UBS MTF

Minimum Quantity Matrix1

Percentage of Large In Scale (LIS)2
Minimum Order Size (% of LIS) Minimum Execution Size (% of LIS)
ITG POSIT 10 15
JPM-X Conditionals 0 15
MS Pool 10 15
Turquoise Block Discovery Service 25 15
Turquoise Periodic Uncross 10 15
UBS MTF 10 15
For orders smaller than minimum execution size (MES), Aqua Blocks will use the entire order as MES.
  1. The matrix figures are default settings that are subject to change.
  2. http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32006R1287

 

 

JPM-X

JPM-X is J.P. Morgan’s fully dark, continuous crossing platform that offers enhanced liquidity and the opportunity for price improvement. Our customizable, tiered structure supports selective crossing so you can control the order flow types with which you interact.

Tap into JPM-X directly or through J.P. Morgan’s suite of algorithms and smart order router.


JPM-X U.S. Monthly Summaries
JPM-X U.S. FAQs
JPM-X U.S. Form ATS
JPM-X Hong Kong Guidelines
JPM-X Australia General Disclosure

White Papers

Learn more about the quantitative models that drive Aqua.

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Dark Matters Part I
 

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Market Impact Model Overview
 

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Dark Matters Part II
 

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Fair Thee Well
 

Requires access to J.P. Morgan Markets

Learn More

Contact our team


North America
Ecs-ny-desk@jpmorgan.com
+1 212 622 2826

Europe, the Middle East and Africa
Ecs-ln@jpmorgan.com
+44 20 7134 1396

Asia Pacific
Ecs-hk@jpmorgan.com
+852 2800 8830


 

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Aqua for Futures

Aqua takes advantage of optimal liquidity scenarios, managing impact and adverse price selection with the principal objective of managing implementation shortfall.

Learn more about Aqua for Futures

Upcoming Investor Conferences

J.P. Morgan conferences bring together corporate leaders, financial sponsors and institutional investors to explore market and sector trends.

Learn more about Upcoming Investor Conferences

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