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.
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.
| 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.
Conditional:
Firm:
| 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 |
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.
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
Equities analytics solutions across the trade life cycle available on J.P. Morgan Markets
Market-leading research and trade execution across multiple asset classes, including credit, equities and FX.
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