FX Trading: Broker Panel

1. General information

The information on this Site is approved for issue by JPMorgan Asset Management (UK) Limited, which is part of the J.P. Morgan Asset Management ("JPMAM") marketing group (hereafter referred to as ‘we’ or ‘us’), which sells investments, life assurance and pension products. It is authorised and regulated in the UK by the Financial Conduct Authority under registration number 122754.
This document has been produced for information purposes only and the views contained in it are not to be taken as advice or a recommendation to buy or sell any investment. (Reliance upon information in the Site is at the sole discretion of the reader).
Any research described in the Site has been obtained by us for our own purpose. The results of such research are being made available as additional information and do not necessarily reflect our views.
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2. Privacy and cookie policies

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3. Where our funds are available for sale

The information below explains in which countries our funds are or are not authorised for sale. Their availability will depend upon your country of domicile for tax purposes.

UK-registered OEICs - UK only.
UK-listed investment trusts - UK only - please note, shares in investment trusts are listed on the UK stock exchange and as such may be available for purchase directly through a registered stockbroker.
Luxembourg-based SICAVs (sociétés d'investissement à capital variable) - please enquire before purchase as certain restrictions apply to these funds.

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* A "US person" is:

1. Any natural person resident in the US; or

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3. A branch or agency of a foreign entity located in the US; or

4. A trust of which the trustee is a US person, unless a non-US person has or shares investment discretion; or

5. An estate of which a US person is the executor or administrator, unless the estate is governed by foreign law and a non-US person has or shares investment discretion; or

6. A non-discretionary account held for the benefit of a US person; or

7. A discretionary account held by a US dealer or fiduciary, unless held for the benefit of a non-US person; or

8. Any entity organised or incorporated for the purpose of evading US securities laws.

4. Key investment risks

Both past performance and yield may not be a reliable guide to future performance.
The value of investments and income from them may fall as well as rise and investors may not get back the full amount invested.
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5. Combating financial crime

We are committed to combating financial crime and the prevention of money laundering. Accordingly we may need to verify your identity and carry out appropriate security checks.

6. Company information

J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co and its affiliates worldwide.
JPMorgan Asset Management (UK) Limited, which is authorised and regulated by the Financial Conduct Authority. Registered in England No. 288553. Registered address: 25 Bank St, Canary Wharf, London E14 5JP, United Kingdom.

JPMorgan Asset Management (Europe), Société à responsabilité limitée, European Bank & Business Centre, 6 route de Trèves, L-2633 Senningerberg, Grand Duchy of Luxembourg, R.C.S. Luxembourg B27900, corporate capital EUR 10.000.000.

7. Legal information

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JPMAM strategic solution

In 2013, J.P. Morgan Asset Management (JPMAM), Global Fixed Income Currency & Commodities (GFICC) made the strategic decision to build a proprietary connectivity solution to access liquidity after identifying shortcomings within the market structure. We found that real liquidity was confined to a smaller subset of tier 1 market makers and that liquidity was simply being recycled by other participants. JPMAM is a fiduciary and executes all foreign exchange (FX) business on an agency basis, meaning that all trading cost savings are passed on for the direct benefit of our clients. We recognised that we could drive pricing lower by removing third party brokerage costs and building stronger relationships with our strategic partners to deliver the best client outcomes.

To do this, we built proprietary, direct, bilateral connectivity to a panel of brokers who were selected for their ability to provide liquidity, their technology expertise and a willingness to be partners in the solution. In return, JPMAM does not charge our liquidity providers a brokerage fee, enforcing the cleanest and most transparent price possible.

Our FX trading panel consists of 10 liquidity providers, who we refer to as our ‘standard counterparty list’ and contains primary liquidity providers and key strategic relationships. In addition, we have bilateral connections to another seven liquidity providers who we can also use to support client requests and access specialist liquidity, if required.

Counterparty performance is reviewed regularly and modifications can be made to our standard list to reflect changes in liquidity providers’ capabilities. Although we have a larger panel available, we will curate the size of the panel for price requests based on our analysis to achieve the best outcome for our clients.

JPMAM’s key advantages

JPMAM executes on an agency basis, so all efficiency gains directly benefit the clients.

Optimal pricing that is clean without embedded charges.

As one of the largest asset managers, JPMAM is able to command the best price tiering (most competitive pricing) based on our global presence across asset classes. This is particularly useful for balance sheet intensive FX trades such as forwards and swaps, which have the largest impact on efficiently managing multicurrency portfolios. Price tiering is determined by a liquidity provider’s willingness to allocate its balance sheet to a client, which reflects the profitability of the business. At JPMAM, our global diversity, size, relationship and total contribution to counterparty return on equity (ROE) ensures we receive the best tier of pricing.

The JPMAM execution protocol is to trade in competition using Request for Quotes (RFQs) to broken dates (non-standard market date conventions for both spot and forward rates) without disclosing the buy or sell intention. This process leverages our liquidity panel expertise in aggregating the fragmented market structure and providing the best available price.

We maintain ownership of our trading data which supports our internal trading analytics and best execution processes.

We have bilateral trading agreement documentation (ISDA’s) and are not reliant on credit intermediation which reduces other explicit costs incurred in models such as prime brokerage.

We have the flexibility to build bespoke solutions for our workflows, such as post account allocation, benchmark and algo execution protocols.

Terms and Conditions

Table of Contents

For Professional Clients/Asset or Wealth Managers

Terms of Use

1. General information

2. Privacy and cookie policies

3. Where our funds are available for sale

4. Key investment risks

5. Combating financial crime

6. Company information

7. Legal information

Privacy Policy

Investment Options

Capabilities & Solutions

Market Insights

Portfolio Insights