COUNTERPARTY FILE · last re-checked 2026-09
J.P. Morgan e-FX (Morgan Markets) — institutional liquidity provider
This record reflects the current operational status and self-reported metrics of J.P. Morgan's FX services.
Licence, read literally
| Regulator | Licence number | Jurisdiction | Tier | Source |
|---|---|---|---|---|
| SEC/FINRA (BrokerCheck, J.P. Morgan Securities LLC) | 8-35008 | US | tier-1 | open source ↗ |
| FCA (J.P. Morgan Securities plc) | 155240 | UK | tier-1 | open source ↗ |
| SEC (EDGAR, JPMorgan Chase & Co.) | 0000019617 | US | tier-1 | open source ↗ |
Tier classification follows the same scale as the retail register: tier-2 means real supervision and client-money segregation, without an investor compensation scheme — never misread it as tier-1 protection.
Residuals a counterparty carries
Self-measured FX volume figures
J.P. Morgan reports $40 billion in daily FX volume, self-measured from their platform.
Source: self-measured
Unpublished venue information
The specific interbank venues used by J.P. Morgan are not published on their FX pages.
Source: firm disclosures page
The claims ledger
Claims specific enough to be falsified — and the ones that remain the venue's own measurement.
Testable claims
- J.P. Morgan's FX platform trades a breadth of orders across 300+ currency pairs as a leading liquidity provider (jpmorgan.com markets/execute/fxtrading)
- J.P. Morgan Markets Transact spans the complete pre-trade, trade and post-trade FX workflow, executing across 20 global J.P. Morgan branches (markets.jpmorgan.com)
- JPMorgan Chase traces its founding to New York City's first water company in 1799 (jpmorganchase.com our-history)
Claims we cannot verify from outside
- $40bn daily rates / FX volume figures on markets.jpmorgan.com (self-measured)
- FX market-share rankings (self-measured)
Perimeter and coverage
| Asset classes | Venues | Connectivity | Clients accepted | Explicitly refused |
|---|---|---|---|---|
| FX spot, FX forwards, FX swaps, NDFs, FX options | EBS, Reuters, CME FX, CLS | FIX, REST/API, J.P. Morgan Markets (Transact) platform, FX Aggregator tool | Banks, Institutional investors, Asset managers, Hedge funds, Corporates | Retail clients |
A firm that publishes its own negative space — who it refuses, where it is not licensed — is materially easier to diligence than one that doesn't. The refusal list is treated here as disclosure, not as a defect.