VENUE FILE · filed 2026-09 · last re-checked 2026-09
J.P. Morgan e-FX (Morgan Markets) — the liquidity layer, one venue at a time
J.P. Morgan e-FX provides crucial liquidity in the FX market through its robust platform and extensive interbank connections, serving a diverse client base.
JPMorgan Chase & Co. (FX via J.P. Morgan Securities LLC, US; J.P. Morgan Securities plc → J.P. Morgan Europe Ltd, UK) · New York, USA · evidence score 98/100
Licence, read on the register
| 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.
The claims ledger
Claims specific enough to be falsified — and the ones that remain the venue's own measurement.
- 3testable claims
- 2venue-measured claims
- 4named data centres
- 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 assess than one that doesn't. The refusal list is treated here as disclosure, not as a defect.
What the desk watches next
The follow-up plan attached to this file — each item re-checked on a future pass, dated and kept falsifiable.
- Verification of self-measured FX volume claims
- Licensing tier implications for client types