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.

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
  • Credit Suisse Crossfinder
  • ITG Posit
  • JPM-X
  • LeveL
  • Liquidnet H20
  • CODA

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


  • Cboe Large in Scale (Cboe LIS)
  • J.P. Morgan Systematic Internaliser (JPSI)
  • Turquoise Plato Block Discovery


  • Liquidnet

Minimum Quantity Matrix1

Percentage of Large In Scale (LIS)2 Minimum Order Size (% of LIS) Minimum Execution Size (% of LIS)
CBOE LIS 100 100
ITG POSIT 100 100
JPSI 100 100
Turquoise Plato Block Discovery 100 100
Liquidnet 100 100
  1. The matrix figures are default settings that are subject to change.


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.

Contact Us

North America
+1 212 622 2826

Europe, the Middle East and Africa
+44 20 7134 1396

Asia Pacific
+852 2800 8830

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Equities analytics solutions across the trade life cycle available on J.P. Morgan Markets



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