# EDGAR Filing Document

**Accession Number:** 0000782124
**File Stem:** 0000019617-23-000187
**Filing Date:** 2023-2
**Character Count:** 85200
**Document Hash:** 2c0d41d55a2c6ec59e7bc6ec15e6aeae
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000019617-23-000187.hdr.sgml**: 20230201

**ACCESSION NUMBER**: 0000019617-23-000187

**CONFORMED SUBMISSION TYPE**: ATS-N/UA

**PUBLIC DOCUMENT COUNT**: 4

**FILED AS OF DATE**: 20230201

**DATE AS OF CHANGE**: 20230201

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** J.P. MORGAN SECURITIES LLC
- **CENTRAL INDEX KEY:** 0000782124
- **IRS NUMBER:** 134110995
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** ATS-N/UA
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 013-00110
- **FILM NUMBER:** 23576579

**BUSINESS ADDRESS:**
- **STREET 1:** 383 MADISON AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10179
- **BUSINESS PHONE:** 614-217-5492

**MAIL ADDRESS:**
- **STREET 1:** 1111 POLARIS PKWY
- **STREET 2:** FLOOR 1J
- **CITY:** COLUMBUS
- **STATE:** OH
- **ZIP:** 43240

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** J.P. MORGAN SECURITIES INC.
- **DATE OF NAME CHANGE:** 20100902

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** J.P. MORGAN SECURITIES LLC
- **DATE OF NAME CHANGE:** 20100823

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** J.P. MORGAN SECURITIES INC.
- **DATE OF NAME CHANGE:** 20090219

### Attached PDF Documents

**Attachment 1:** `Exh1SchA.pdf`

Form ATS-N

JPMS

CRD # 79

# Part I, Item 8-Identifying Information

**Request:** Attach as Exhibit 1, the most recently filed or amended Schedule A of Form BD for the Broker-Dealer Operator disclosing information related to direct owners and executive officers.

**Response:**

Schedule A - Direct Owners

| Full Legal Name | CRD / Tax ID | Entity Type | Roles | Date Role Acquired | Ownership % | Control Person | Public Reporting Company |
| --- | --- | --- | --- | --- | --- | --- | --- |
| J.P. Morgan Broker-Dealer Holdings Inc. | 13-4110995 | Domestic Entity | Stockholder | 09/2010 | 75% or more | Y | N |
| Bell, Jeremy | 4268755 | Individual | Chief Compliance Officer-Registered Investment Adviser | 11/2019 | Less than 5% | N | N |
| Bisesi, Brian J | 3090554 | Individual | Elected Manager and Member | 02/2022 | Less than 5% | Y | N |
| Collins, James Michael | 2725065 | Individual | Chief Financial Officer | 06/2008 | Less than 5% | N | N |
| Dempsey, Patrick Paul | 2830362 | Individual | Treasurer | 08/2013 | Less than 5% | N | N |
| Dugger, Christina B | 5599227 | Individual | Chief Compliance Officer-Broker Dealer | 11/2019 | Less than 5% | N | N |
| Freilich, William Howard | 2203801 | Individual | Chief Legal Officer | 05/2013 | Less than 5% | N | N |
| Jury, Claudia | 6403910 | Individual | Elected Manager and Member | 02/2020 | Less than 5% | Y | N |
| Klion, Roger | 5082261 | Individual | Chief Operating Officer | 10/2020 | Less than 5% | N | N |

Form ATS-N
JPMS
CRD # 79

| Full Legal Name | CRD / Tax ID | Entity Type | Roles | Date Role Acquired | Ownership % | Control Person | Public Reporting Company |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Rivas, Fernando | 4803269 | Individual | Elected Manager and Member | 07/2022 | Less than 5% | Y | N |
| Sieg, William Phillip | 1066159 | Individual | Elected Manager and Member | 08/2021 | Less than 5% | Y | N |
| Simmons, John E | 2727754 | Individual | Elected Manager and Member | 02/2021 | Less than 5% | Y | N |
| Sippel, Jason Edwin | 1718602 | Individual | CEO, Chairman, Elected Manager and Member | 01/2013 | Less than 5% | Y | N |
| Tepper, Eric David | 2242377 | Individual | Elected Manager and Member | 08/2017 | Less than 5% | Y | N |
| Winkelman, Amanda Denise | 2352562 | Individual | Elected Manager and Member | 10/2019 | Less than 5% | N | N |

**Attachment 2:** `Exh2SchB.pdf`

Form ATS-N

JPMS

CRD # 79

# Part I, Item 9-Identifying Information

**Request:** Attach as Exhibit 2, the most recently filed or amended Schedule B of Form BD for the Broker-Dealer Operator disclosing information related to indirect owners.

**Response:**

Schedule B -Indirect Owners

| Full Legal Name | CRD / Tax ID | Entity Type | Roles | Date Role Acquired | Ownership % | Control Person | Public Reporting Company |
| --- | --- | --- | --- | --- | --- | --- | --- |
| JPMorgan Chase Holdings LLC | 81-3858870 | Domestic Entity | Stockholder | 11/2016 | 75% or more | Y | N |
| JP Morgan Chase & Co. | 13-2624428 | Domestic Entity | Stockholder | 11/2016 | 75% or more | Y | Y |

**Attachment 3:** `Exh3JPMX.pdf`

JPMS CRD No:79

JPM-X Form ATS-N

## PART III: Manner of Operations

### Item 2: Eligibility for ATS Services

b. Are there any other conditions that the NMS Stock ATS requires a Person to satisfy before accessing the ATS services?

☑ Yes ☐ No

If yes, list and provide a summary of the conditions.

Only Persons that have satisfied JPMS' onboarding requirements are permitted to be JPMS clients, and only JPMS clients that are either "institutional accounts," as defined by FINRA Rule 4512, or broker-dealers are permitted to be Subscribers of JPM-X. JPMS' onboarding requirements are based in part on, e.g., regulatory "Know Your Customer" and anti-money laundering requirements and vary depending on the characteristics of the Person's business. Before accessing JPM-X, a Subscriber must work with JPMS to establish connectivity (i) between the Subscriber and the algorithms/SOR (via JPMS JISU technology or an order management system selected by the Subscriber) if the Subscriber will access JPM-X via the algorithms/SOR and/or (ii) between the Subscriber and JPM-X (via JISU) if the Subscriber will access JPM-X directly. Subscribers that access JPM-X, whether directly or via the algorithms/SOR, are subject to any applicable contractual agreements with JPMS (e.g., an Electronic Access and Trading Agreement Terms of Service).

### Item 5: Means of Entry

c. Are there any other means for entering orders and trading interest into the NMS Stock ATS (e.g., smart order router, algorithm, order management system, sales desk)?

☑ Yes ☐ No

If yes, identify and explain the other means for entering orders and trading interest, indicate whether the means are provided through the Broker-Dealer Operator, either by itself or through a third-party contracting with the Broker-Dealer Operator, or through an Affiliate of the Broker-Dealer Operator, and list and provide a summary of the terms and conditions for entering orders or trading interest into the ATS through these means.

Subscribers can enter firm orders into JPMS' algorithmic trading strategies, which can create child Firm/Conditional Orde that are routed to market centers, including JPM-X, by the SOR at the direction of the Subscribers or algorithmic trading strategies or at the SOR's own direction. Instead, or in addition, Subscribers can enter Firm/Conditional Orders directly in the SOR, which then can route, or be directed by Subscribers to route, the Firm/Conditional Orders to market centers, including JPM-X. The SOR accesses JPM-X through a proprietary FIX messaging protocol. Subscribers can enter firm orders into JPMS algorithmic trading strategies and the SOR

JPMS CRD No:79

JPM-X Form ATS-N

via a client gateway (JPMS' JISU technology, described in response to Part III, Item 5(a), or an order management system selected by the Subscriber). Subscribers can opt out of having the algorithms/SOR route Firm/Conditional Orders to JPM-X. Subscribers that access the algorithms/SOR are subject to any applicable contractual agreements with JPMS, such as any Electronic-Access and Trading Agreements ("EATAs") Terms of Service, the terms of which (regarding, e.g., intellectual property rights, warranties, indemnification obligations, and limitations of liability) are sometimes negotiated and generally do not contain specific terms and conditions for accessing JPM-X through the algorithms/SOR. There is no means by which to access JPM-X through the algorithms/SOR that is available to JPMS business units or JPMS affiliates but not to Subscribers.

## Item 6: Connectivity and Co-location

a. Does the NMS Stock ATS offer co-location and related services (e.g., cabinets and equipment, cross-connects)?

☑ Yes ☐ No

If yes, provide a summary of the terms and conditions for co-location and related services, including the speed and connection (e.g., fiber, copper) options offered.

JPMS' JISU technology, a low-latency platform that is accessible through a standard FIX messaging protocol (FIX 4.2 AP can share the same rack space in the Equinix NY4 New York IBX Data Center with the JPMS trading algorithms, SOR, a JPM-X. Subscribers that access JPM-X by routing Firm/Conditional Orders directly to JPM-X route via JISU. In addition, Subscribers that access JPM-X by routing orders to JPMS trading algorithms or by routing Firm/Conditional Orders to the SOR can increase the speed of their communications with JPM-X by routing via JISU. Subscribers access JISU via a 10 GB/sec fiber cross-connect between the hardware of Lucera, a third-party connectivity provider, and JISU. Subscribers that access JISU are subject to any applicable contractual agreements with JPMS (such as EATAs Electronic Trading Terms of Service, discussed in response to Part III, Item 5(c)) and/or with Lucera and could be liable for charges resulting from such connectivity under the agreements. Subscribers also can contract directly with Equinix to be located in the Equinix NY4 New York IBX Data Center, the same data center in which the JPMS trading algorithms, SOR, JISU, and JPM-X are located. Subscribers, however, cannot share the same rack space with the JPMS trading algorithms, SOR, JISU, and JPM-X. Subscribers, irrespective of their location, can, but are not required to, access JISU.

JPMS CRD No:79

JPM-X Form ATS-N

Exh1SchA

## Part I: Part I, Item 8-Identifying Information

**Request:** Attach as Exhibit 1, the most recently filed or amended Schedule A of Form BD for the Broker-Dealer Operator disclosing information related to direct owners and executive officers.

**Response:**

**Schedule A - Direct Owners**

| Full Legal Name | CRD / Tax ID |  | Entity Type | Roles | Date Role Acquired | Ownership % | Control Person | Public Reporting Company |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| J.P. Morgan Broker-Dealer Holdings Inc. | 13-4110995 |  | Domestic Entity | Stockholder | 09/2010 | 75% or more | Y | N |
| Bell, Jeremy | 4268755 |  | Individual | Chief Compliance Officer-Registered Investment Adviser | 11/2019 | Less than 5% | N | N |
| Bisesi, Brian J | 3090554 |  | Individual | Elected Manager and Member | 02/2022 | Less than 5% | Y | N |
| Collins, James Michael | 2725065 |  | Individual | Chief Financial Officer | 06/2008 | Less than 5% | N | N |
| Dempsey, Patrick Paul | 2830362 |  | Individual | Treasurer | 08/2013 | Less than 5% | N | N |
| Dugger, Christina B | 5599227 |  | Individual | Chief Compliance Officer-Broker Dealer | 11/2019 | Less than 5% | N | N |
| Freilich, William Howard | 2203801 |  | Individual | Chief Legal Officer | 05/2013 | Less than 5% | N | N |
| Jury, Claudia | 6403910 |  | Individual | Elected Manager and Member | 02/2020 | Less than 5% | Y | N |
| Klion, Roger | 5082261 |  | Individual | Chief Operating Officer | 10/2020 | Less than 5% | N | N |
| Keough, Keil A | 4653791 |  | Individual | Elected Manager and Member | 08/2021 | Less than 5% | Y | N |

Formatted: Right 0.24", Line spacing: single

JPMS CRD No:79

JPM-X Form ATS-N

| Full Legal Name | CRD / Tax ID | Entity Type | Roles | Date Role Acquired | Ownership % | Control Person | Public Reporting Company |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Rivas, Fernando | 4803269 | Individual | Elected Manager and Member | 07/2022 | Less than 5% | Y | N |
| Sieg, William Phillip | 1066159 | Individual | Elected Manager and Member | 08/2021 | Less than 5% | Y | N |
| Simmons, John E | 2727754 | Individual | Elected Manager and Member | 02/2021 | Less than 5% | Y | N |
| Sippel, Jason Edwin | 1718602 | Individual | CEO, Chairman, Elected Manager and Member | 01/2013 | Less than 5% | Y | N |
| Tepper, Eric David | 2242377 | Individual | Elected Manager and Member | 08/2017 | Less than 5% | Y | N |
| Winkelman, Amanda Denise | 2352562 | Individual | Elected Manager and Member | 10/2019 | Less than 5% | N | N |

## Form ATS-N/UA: NMS Stock Alternative Trading System Report

### Cover Page

**NMS Stock ATS Name:** JPM-X

**Operates Pursuant to Form ATS?** —

**Statement About Amendment:**
The responses provided in Part III, Items 2(b), 5(c) and 6(a) have been revised to update references to applicable contractual agreements. These changes apply to all Subscribers and the broker-dealer operator. Exhibit 1 of the Form ATS-N has been updated to reflect a change to the direct owners and executive officers of the broker-dealer operator.

### Part I: Basic Information

**1. Is the ATS operated by a registered broker-dealer?:** Yes

**2. Name of the NMS Stock ATS:** J.P. MORGAN SECURITIES LLC

**3. Name(s) under which business is conducted:** JPM-X

**4a. Broker-Dealer SEC File No.:** 008-35008

**4a. Broker-Dealer CRD No.:** 000000079

**5a. Self-Regulatory Organization:** Financial Industry Regulatory Authority

**5b. Effective Date of Membership:** 12/17/1936

**5c. MPID:** JPMX

**6u. Website:** http://www.jpmorgan.com/ecs

**7. Primary Site Address:** Equinix NY4 New York IBX Data Center, 755 Secaucus Rd., Secaucus, US-NJ, 07094

**8. Is Exhibit 1 (list of subscribers) on a public website?:** No

**9. Is Exhibit 2 (written standards for access) on a public website?:** No

### Part II: Written Safeguards and Procedures

**1a. Are any business units of the Broker-Dealer Operator permitted to enter interest?** Yes

   - **Details:** The Over-the-Counter ("OTC") Listed International Sales and Trading unit of the JPMS equities business is able, on a principal basis, to enter directly into JPM-X (using the "JPMS" MPID) both firm orders and trading interest in the form of conditional orders (collectively, "Firm/Conditional Orders").  The OTC Listed International Sales and Trading unit (i) facilitates client trading on an agency, riskless principal, or principal basis, including electronic and portfolio trading, and hedges the resulting risk and (ii) acts as a market maker or block positioner in U.S. and non-U.S. equities, equity listed options, OTC options, equity swaps, exchange-traded funds, preferred stocks, credit products, and equity structured products.

The OTC Listed International Sales and Trading unit includes the following trading desks:

(i)	Americas Execution Services, which primarily conducts and facilitates customer trading on both an agency and a principal basis in U.S. exchange-listed, OTCBB, and pink sheet securities and acts as a market maker or block positioner in certain U.S. exchange-listed securities;

(ii)	Automated Liquidity Provider, which is an electronic market making desk that places two-sided orders in equities and ETFs via exchanges and other venues (Order Flow Type P-2 in Tier 4, described in response to Part III, Item 13(a), consists entirely of Firm/Conditional Orders routed by this desk);

(iii)	Americas Credit Indices, which trades high grade credit derivatives and associated hedges;

(iv)	Block Liquidity Management, which books block transactions with clients;

(v)	Boston Sales and Trading, which primarily receives and handles domestic (mainly block and program) equity orders (with executions done via coordination with JPMS' block trading desk, proprietary direct market access connectivity, and/or other market access tools) and provides market commentary, as well as access to JPM corporate marketing and corporate access events;

(vi)	Central Liquidity Book, which manages and hedges client facilitation positions;

(vii)	Corporate Trading, which trades equities, futures, equity listed options, equity OTC options, equity swaps, and equity structured products and facilitates open market activities for corporate clients;

(viii)	Electronic Client Trading, which primarily coordinates customer access to, and the monitoring and support of, JPMS' direct-to-market, algorithmic, and agency-only trading product;

(ix)	Emerging Markets Global Credit, which hedges Emerging Markets Credit Risk positions with ETFs;

(x)	Equity Finance Collateral Management, which handles collateral management for the equity finance business;

(xi)	Equity Finance Trading, which finances client and counterparty equity positions through swap transactions;

(xii)	Exchange Traded Fund ("ETF") Flow, which conducts and facilitates customer trading on both an agency and a principal basis in U.S. exchange-listed ETF securities, acts as a block positioner in certain U.S. exchange-listed ETF securities, and engages in domestic and international creation/redemptions of ETFs, basket swaps, passive index arbitrage, term swaps, and put/call combos;

(xiii)	Exotic, which trades equities, futures, equity listed options, exotic equity options, equity swaps, and equity structured products;

(xiv)	Flow Index, which trades equities, equity indices, futures, equity listed options, equity vanilla OTC options, swaps, and equity structured products;

(xv)	Franchise, which primarily conducts and facilitates customer trading, on both an agency and a principal basis, in U.S. exchange-listed, OTCBB, and pink sheet securities and also acts as a market maker or block positioner in certain U.S. exchange-listed, OTCBB, and pink sheet securities;

(xvi)	Equity Index Structuring, which is responsible for creating investible indices based on equities or on a cross-asset basis;

(xvii)	Index Swaps, which provides financing solutions to clients, makes markets in Exchange for Physicals on any Americas index, single stock, or ETF, sources inventory through derivative trades to lend to prime brokerage clients, makes markets and provides liquidity in dividends, and provides customized basket solutions to clients;

(xviii)	International Trade, which primarily conducts and facilitates customer trading on both an agency and a principal basis in international securities (both ADRs and "locals") and acts as a market maker or block positioner in certain ADRs;

(xix)	North America Delta One Swap, which engages in financing client and counterparty swap transactions related to custom baskets and ETFs, facing institutional clients on swaps and hedging the client swaps by executing in the market and with counterparties;

(xx)	North America Credit Markets Preferred ADM, which facilitates client flow in fixed income products, including preferred equities, and hedges the resulting risk;

(xxi)	Program Trading, which trades baskets on an agency basis and handles G-VWAP baskets, shortened settlement, and blind risk bid orders for clients, following client instructions such as in-line-with-the-market, market-on-close, market-on-open, VWAP, and TWAP orders;

(xxii)	Securitized Product Group, which takes positions in securitized product ETFs via ETF create/redeems to hedge fixed income client-facing positions;

(xxiii)	Single Stock Flow Volatility, which trades equities, equity indices, futures, equity listed options, equity vanilla OTC options, swaps, and equity structured products; and

(xxiv)	Syndicate, which engages in underwriting activities that range from initial public offerings, follow-on equity issues, convertible issues, and private placements.

In addition, the following units of the JPMS equities business are able, on an agency, riskless principal, or principal basis, to enter or direct the entry of Firm/Conditional Orders into a JPMS algorithmic trading strategy or JPMS' smart order routing technology (collectively, the "algorithms/SOR"), which in turn is able to enter, or to be directed by the units below to enter, Firm/Conditional Orders into JPM-X (using the "JPMS" MPID):

1.	OTC Listed International Sales and Trading, which is described above;

2.	American Depository Receipt ("ADR") Cross Trading, which primarily conducts dealer swaps between ADRs and U.S. stocks;

3.	Convertible Bond Sales and Trading, which enters into convertible bond transactions with clients and hedges the resulting risk;

4.	Fixed Income Sales and Trading, which provides liquidity to high-yield and distressed credit clients and hedges the resulting risk, including the following trading desks:

(i)	High Yield Trading, which trades high yield debt and associated hedges;

(ii)	High Yield Loan Trading Distressed, which trades high yield distressed loans; and

(iii)	North America Credit Markets Preferred Stock, which trades preferred stocks;

5.	Commodities Trading, which provides liquidity to commodities clients and hedges the resulting risk;

6.	Equity Finance, which may buy or sell stocks in connection with its facilitation of stock borrows and loans; and

7.	WMIS Capital Markets, which handles order flow derived from Wealth Management business lines on an agency basis and is able to source liquidity from other units of the JPMS equities business that in turn are able to access JPM-X via the algorithms/SOR as described above.

**1b. Are the services offered and provided by the ATS to such business units the same?** —

**1c. Are there any arrangements between the ATS and such business unit?** No

**1d. Can order and trading interest of the business unit be routed out of the ATS?** No

**2a. Are any Affiliates of the Broker-Dealer Operator permitted to enter interest?** Yes

   - **Affiliates:** The JPMS affiliates listed below are able to enter, for their own or client accounts, Firm/Conditional Orders into JPMS' algorithms/SOR.  The affiliates also are able to route Firm/Conditional Orders to one or more of the JPMS business units identified in Item 1(a), which in turn are able to enter or direct the entry of Firm/Conditional Orders into the algorithms/SOR, as discussed in Item 1(a).  The algorithms/SOR is able to enter, or to be directed by the affiliate or a business unit to enter, Firm/Conditional Orders into JPM-X (using the "JPMS" MPID).  As non-FINRA members, the affiliates listed below do not have their own MPIDs.

1.	Bear Stearns Asset Management Inc. ("BSAM") (regulated by the U.S. Securities and Exchange Commission ("SEC")), which is registered with the SEC as an investment adviser; BSAM and affiliated investment advisers comprise J.P. Morgan Asset Management, the investment management business of J.P. Morgan Asset & Wealth Management

2.	China International Fund Management Co. Ltd. (regulated by the China Securities Regulatory Commission ("CSRC"), the People's Bank of China, and the State Administration for Industry & Commerce of the People's Republic of China), which issues and sells funds and engages in investment management and other businesses approved by CSRC

3.	Highbridge Capital Management LLC (regulated by the SEC, Securities and Futures Commission in Hong Kong, and Financial Conduct Authority in the United Kingdom ("FCA-UK")), which is a registered investment adviser and has developed a diversified investment platform, including hedge funds, daily liquidity products, and other similar investment products

4.	J.P. Morgan Alternative Asset Management Inc. (regulated by the SEC), which is a U.S. investment advisory branch of J.P. Morgan Asset Management

5.	J.P. Morgan Investment Management Inc. ("JPMIM") (regulated by the SEC, FCA-UK, Securities and Exchange Board of India, Financial Supervisory Service in South Korea, and Financial Services Agency of Japan), which is registered with the SEC as an investment adviser; JPMIM and affiliated investment advisers comprise J.P. Morgan Asset Management

6.	J.P. Morgan Private Investments Inc. (regulated by the SEC), which is an investment adviser registered with the SEC and operates within the Asset & Wealth Management line of business

7.	J.P. Morgan Securities (Asia Pacific) Limited (regulated by the Hong Kong Monetary Authority and Securities and Futures Commission in Hong Kong), which engages in investment banking (corporate finance advisory and debt/equities securities origination and trading), market making of government bills and bonds, and the trading and marketing of FX, rate, money market, derivatives, cash equities, convertible bonds, distressed, and high yield assets

8.	J.P. Morgan Securities Asia Private Limited (regulated by the Monetary Authority of Singapore), which holds a Capital Markets Services license to deal in securities and advise on corporate finance

9.	J.P. Morgan Securities Australia Limited (regulated by the Australian Securities and Investments Commission), which is a market, clearing, and settlement participant on the ASX and engages in stockbroking, equity research and services in the ETO market for wholesale clients and makes markets in and advises on equity swaps, OTC options, and exchange listed warrants

10.	JPMorgan Asset Management (Asia Pacific) Limited (regulated by the Securities and Futures Commission in Hong Kong), which provides investment management services

11.	J.P. Morgan Securities (Far East) Limited (regulated by the Securities and Futures Commission in Hong Kong), which is a broker and lead underwriter in PRC and engages in securities dealing and investment banking activities in its Seoul Branch

12.	J.P. Morgan Securities plc (regulated by the FCA-UK and Prudential Regulation Authority in the United Kingdom), the principal activity of which is to be a booking and processing entity for investment banking activities initiated by other JPMorgan Chase & Co. ("JPMC") entities

13.	J.P. Morgan (Suisse) SA (regulated by the Swiss Financial Market Supervisory Authority), which serves Swiss and international clients across the Private Banking and Investor Services lines of business

14.	JPMorgan Asset Management (Europe) S.a.r.l. (regulated by the Commission de Surveillance du Secteur Financier), which is an investment management and management company

15.	55I, LLC (regulated by the SEC), which is a registered investment adviser and provides advisory services associated with tax harvesting solutions as well as ongoing trading and rebalancing services for clients

16.	J.P. Morgan Markets Limited (regulated by the FCA-UK), which engages in global credit and equities trading

17.	JPMorgan Asset Management (Japan) Limited (regulated by the Financial Services Agency of Japan), which engages in investment trust management, non-discretionary investment advisory services and discretionary investment management services, and the offering of beneficiary certificates of investment trusts and shares of non-Japanese pooled funds

18.	JPMorgan Asset Management (Singapore) Limited (regulated by the Monetary Authority of Singapore), which engages in fund management

19.	JPMorgan Asset Management (Taiwan) Limited (regulated by the Financial Supervisory Commission and Investment Commission of Ministry of Economic Affairs in Taiwan), which is an investment manager and securities investment trust

20.	JPMorgan Asset Management (UK) Limited (regulated by the FCA-UK), which is a discretionary investment adviser

21.	JPMorgan Chase Bank, National Association (regulated by the Office of the Comptroller of the Currency, Board of Governors of the Federal Reserve System, and Federal Deposit Insurance Corporation in the United States; Hong Kong Monetary Authority and Securities and Futures Commission in Hong Kong; Monetary Authority of Singapore; and FCA-UK and Prudential Regulation Authority in the United Kingdom), which is a wholly owned bank subsidiary of JPMC

22.	JPMorgan Chase Funding Inc. (regulated by the Board of Governors of the Federal Reserve System), which may engage in activities permitted for a financial holding company as set forth in Board Regulation Y

23.	JPMorgan Gestion, Sociedad Gestora de Instituciones de Inversion Colectiva, S.A. (regulated by the Spanish Securities Market Commission), which is a Spanish management company of collective investment schemes

24.	JPMorgan Securities Japan Co., Ltd. ("JPMSJ") (regulated by the Financial Services Agency of Japan), which underwrites and trades securities, offers and brokers securities transactions, advises clients on business strategies, capital structures, and financial strategies, and engages in M & A derivative transactions booked outside of JPMSJ

25.	Security Capital Research & Management Incorporated ("SCRM") (regulated by the SEC), which is registered with the SEC as an investment adviser; SCRM and affiliated investment advisers comprise J.P. Morgan Asset Management

26. J.P. Morgan SE (regulated by the German Federal Financial Supervisory Authority, German Central Bank, and European Central Bank), which is a wholly owned bank subsidiary of JPMC

**2b. Are the services offered and provided by the ATS to such Affiliates the same?** —

**2c. Are there any arrangements between the ATS and such Affiliate?** —

**2d. Can order and trading interest of the Affiliate be routed out of the ATS?** No

**3a. Can a Subscriber opt-out from interacting with the order and trading interest of the Broker-Dealer Operator?** Yes

   - **Explanation:** Subscribers can opt out from interacting with Firm/Conditional Orders of JPMS.  As described in Part III, Item 13, principal Firm/Conditional Orders of JPMS are assigned to Tier 4 in JPM-X.  Specifically, the P-1 sub-tier in Tier 4 includes principal JPMS trading desk flow that accesses JPM-X via the algorithms/SOR, and the P-2 sub-tier in Tier 4 includes principal JPMS electronic liquidity provider flow that accesses JPM-X directly.  Subscribers can opt out from interacting with the P-1 sub-tier, the P-2 sub-tier, or all of Tier 4.  As described in Part III, Item 14, a Subscriber can specify the tiers or sub-tiers with which the Subscriber has opted out from interacting (i) on an order-by-order basis in the Firm/Conditional Order instructions submitted to JPMS or (ii) by contacting the Subscriber's JPMS sales representative with respect to a subset of Firm/Conditional Orders or all order flow.  In each case, JPMS implements the restriction as soon as reasonably practicable.

**3b. Can a Subscriber opt-out from interacting with the order and trading interest of an Affiliate?** Yes

   - **Explanation:** Subscribers can opt out from interacting with Firm/Conditional Orders of JPMS' affiliates.  As described in Part III, Item 13, Firm/Conditional Orders of JPMS' affiliates are assigned to Tier 1 in JPM-X.  Tier 1 consists of institutional investor clients' and JPMS affiliates' flow that accesses JPM-X via the algorithms/SOR.  Subscribers can opt out from interacting with Tier 1.  Note that, because there are no sub-tiers in Tier 1, Subscribers cannot opt out from interacting with Firm/Conditional Orders of JPMS' affiliates without also opting out from interacting with institutional investor clients' flow that accesses JPM-X via the algorithms/SOR.  As described in Part III, Item 14, a Subscriber can specify the tiers or sub-tiers with which the Subscriber has opted out from interacting (i) on an order-by-order basis in the Firm/Conditional Order instructions submitted to JPMS or (ii) by contacting the Subscriber's JPMS sales representative with respect to a subset of Firm/Conditional Orders or all order flow.  In each case, JPMS implements the restriction as soon as reasonably practicable.

**3c. Are the means to opt-out the same for all Subscribers?** —

**4a. Are there any arrangements between the Broker-Dealer Operator and a trading center?** —

**5a. Does the Broker-Dealer Operator offer any products or services to Subscribers?** Yes

   - **Products/Services:** JPMS, sometimes in conjunction with its affiliates, offers Subscribers

1.	Access to JPMS' algorithms/SOR, which in turn is able to access numerous trading centers, including JPM-X (as discussed in Part III, Item 5),

2.	Access to JPMS' JISU technology, which is a low-latency platform, accessed via a FIX connection, that (a) can be used to access directly JPMS' algorithmic trading strategies, smart order routing technology, JPM-X, and/or external venues and (b) is the only means by which Subscribers can access JPM-X directly (as discussed in Part III, Items 5-6), and

3.	Neovest, which is an order and execution management system developed by JPMS' affiliate Neovest, Inc. and can be used to access numerous brokers, including JPMS and, specifically, JPMS' algorithms/SOR.

JPMS may offer Subscribers access to its algorithms/SOR and/or JISU technology pursuant to an electronic trading agreement, the terms of which (regarding, e.g., intellectual property rights, warranties, indemnification obligations, and limitations of liability) are sometimes negotiated and generally do not contain specific terms and conditions for routing Firm/Conditional Orders to JPM-X.  JPMS may offer Subscribers Neovest pursuant to sub-licensing schedules to that agreement.  Subscribers utilize Neovest pursuant to a click-through user agreement with Neovest, Inc.

**5b. Are the terms and conditions of these products/services the same for all Subscribers?** —

**5c. Does an Affiliate of the Broker-Dealer Operator offer any products or services to Subscribers?** Yes

   - **Products/Services:** Neovest, Inc., an affiliate of JPMS, offers Subscribers Neovest, an order and execution management system that can be used to access numerous brokers, including JPMS and, specifically, JPMS' algorithms/SOR, which in turn is able to access numerous trading centers, including JPM-X (as discussed in Part III, Item 5).  Subscribers utilize Neovest pursuant to a click-through user agreement with Neovest, Inc.  Certain Subscribers utilize Neovest pursuant to an agreement with Neovest, Inc., the terms of which are sometimes negotiated, authorizing the Subscriber to access Neovest and to sub-license access to Neovest to the Subscriber's clients.

**5d. Are the terms and conditions of these products/services offered by the Affiliate the same for all Subscribers?** Yes

**6a. Do any employees of the Broker-Dealer Operator or its Affiliates access confidential trading information?** Yes

   - **Details:** Confidential trading information consists of data regarding open or partially open Firm/Conditional Orders in JPM-X ("real-time data") and data regarding fully or partially completed Firm/Conditional Orders in JPM-X, including executions and cancellations ("historical data"). Confidential trading information, however, does not include post-execution reporting under applicable reporting rules or regulations. Confidential trading information also does not include aggregated data resulting from the combination of the JPM-X historical data associated with a Subscriber's Firm/Conditional Order with data regarding other Firm/Conditional Orders of the Subscriber or other JPMS clients, whether or not such Firm/Conditional Orders were routed to JPM-X ("Aggregated Data"). Aggregated Data is created by ECS Liquidity Product Specialists, who can aggregate any JPM-X historical data, or trading personnel in a business unit identified in response to Part II, Item 1(a), who can aggregate only JPM-X historical data regarding that unit's or a subset of that unit's Firm/Conditional Orders. Aggregated Data includes JPM-X historical data from only the prior trading day or earlier. Aggregated Data sourced only from JPM-X historical data does not provide Subscriber-specific or symbol-specific information. Aggregated Data can be used (i) by JPMS to provide market color or trend analyses externally and/or to internal principal or agency trading desks (e.g., JPMS prepares, and makes available online, a monthly summary of JPM-X activity that includes aggregate statistics such as the average trade size for each order flow type described in response to Part III, Item 13(a)); (ii) by JPMS to advertise, report on, or enhance the quality of its execution or other services offered to clients (e.g., JPMS has included in marketing materials aggregate VWAP slippage statistics that incorporate execution data from JPM-X and other venues to which Subscribers' VWAP orders were routed); and (iii) by third parties so they can provide JPMS with analytics (regarding, e.g., its market share or other performance metrics on a client-by-client basis). Such data sets are sufficiently aggregated and/or anonymized that they protect the confidentiality of Subscribers' trading strategies and are not themselves confidential trading information. Moreover, the use of such data sets, depending on the context, may be subject to confidentiality restrictions under agreements with recipients of the data sets and/or JPMC policies and procedures.

No employee or contingent worker ("workforce member") of JPMS or its affiliates is dedicated solely to servicing the operations of JPM-X. Shared workforce members with some level of access to confidential trading information on JPM-X include those described below to the extent they have a need to know such information to perform their respective responsibilities in connection with the operations of JPM-X (#1-5) or JPMS' compliance with applicable law in operating JPM-X (#6). Persons authorized to access confidential trading information are prohibited from using confidential trading information for purposes other than those described below.

(1) Electronic Client Solutions ("ECS") Liquidity Product Specialists (workforce members of JPMS) responsible for the development and day-to-day operation of JPMS' smart order routing technology (the "SOR") and JPMS' alternative trading systems, including JPM-X, who can access real-time data and historical data so they can monitor the performance of JPM-X, prepare aggregated data sets as described above, detect any Subscriber behavior resulting in a materially negative impact to the operation of JPM-X or to other Subscribers or indicating a need to change a Subscriber's order flow type or tier assignment, work to resolve issues related to the foregoing that may arise, develop further product initiatives, and respond to client inquiries and regulatory requests;

(2) the ECS Client Coverage, ECS Connectivity Product, and ECS Sales groups (workforce members of JPMS), which provide client services to ECS clients, including JPM-X Subscribers, and can access real-time data, only at a summary level (e.g., aggregated order quantities by client or symbol), and historical data so they can field inquiries from clients regarding orders routed to JPM-X by or on behalf of the clients;

(3) ECS supervisors and senior management (workforce members of JPMS) responsible for the ECS business, including the JPM-X offering and its operation, who can access real-time data, only at a summary level (e.g., aggregated order quantities by client or symbol), and historical data so they can appropriately supervise and manage the JPMS workforce members described in (1) and (2) above;

(4) Middle Office personnel (workforce members of JPMS affiliates worldwide) responsible for processing transactions effected by JPMS and its affiliates, including trades in JPM-X, who can access historical data so they can monitor the post-trade processing of transactions executed in JPM-X, including with respect to the clearance, settlement, and allocation of such transactions, and work to resolve any processing issues that may arise;

(5) Personnel in technology and equities electronic trading quantitative research groups (workforce members of JPMS) responsible for providing technical support and developing and maintaining electronic trading applications and infrastructure across JPMS, including the applications and infrastructure on which JPM-X relies, who can access real-time and historical data when necessary in the course of their work to provide technical support and develop and maintain the applications and infrastructure (including, in the case of the equities electronic trading quantitative research group, to develop quantitative models employed by the applications and to analyze the performance of these applications and their underlying models);

(6) Personnel in technology groups, Compliance, and Regulatory Management (workforce members of JPMS affiliates worldwide) responsible for facilitating JPMS' and its affiliates' compliance with applicable law, including with respect to the operation of JPM-X, who can access historical data so they can maintain JPMS' and its affiliates' compliance with laws applicable to the operation of JPM-X, including through surveillance and the preparation of regulatory reports and responses to regulatory requests; and

(7) Business unit trading personnel who route Firm/Conditional Orders to the algorithms/SOR or JPM-X for execution (workforce members of JPMS), who can access JPM-X data regarding only that unit's or a subset of that unit's Firm/Conditional Orders so they can monitor such Firm/Conditional Orders.

**6b. Does any other entity provide services to the ATS?** Yes

   - **Providers:** Lucera, a third-party connectivity provider, is described in Part III, Item 6; Equinix, Inc., a third-party data center provider, maintains the Equinix NY4 New York IBX Data Center, the data center in which the JPM-X matching system is located, as described in Part III, Item 6; and Redline, a market data provider, is described in Part III, Item 23.

**6c. Do any of these service providers also use the services of the ATS?** Yes

   - **Details:** Redline, a market data provider used by JPM-X, is wholly owned by an entity in which a JPMS affiliate that is not a Subscriber of JPM-X owns a minority interest.  JPMS understands that other market participants (or affiliated entities of other market participants) who are Subscribers of JPM-X also own an interest in Redline's affiliate.

**6d. Are the services of the ATS to such service provider the same as for other similar Subscribers?** —

**7a. Description of Safeguards and Procedures:**
JPMS has established written safeguards and procedures that restrict (i) access to JPM-X Firm/Conditional Order information to individuals responsible for the operation of JPM-X and/or JPM-X's compliance with applicable law and (ii) the personal trading of such individuals. JPMS also has adopted and implemented written oversight procedures intended to ensure that the above safeguards and procedures are followed. Access to Subscribers' confidential trading information is restricted as described below.

Systems with Real-Time and Historical Data. Real-time and historical data is accessible via a front-office graphical user interface ("GUI") and database, each of which can be used to view the status of, and generate reports regarding, Firm/Conditional Orders routed to JPM-X; order management systems used to route Firm/Conditional Orders to the algorithms/SOR or JPM-X; and the servers upon which the GUI, database, order management systems, algorithms/SOR, JPM-X matching engine run. The algorithms/SOR and JPM-X matching engine generate and access such data for the purpose of routing Firm/Conditional Orders and matching and executing Firm/Conditional Orders, respectively. Access to these systems through which real-time and historical data is accessible is restricted, via permissioned electronic logins, to ECS Liquidity Product Specialists responsible for the development and day-to-day operation of JPM-X and personnel in technology and equities electronic trading quantitative research groups responsible for providing technical support and developing and maintaining the applications and infrastructure on which JPM-X relies. Limited access to such systems is provided to the Client Coverage, ECS Connectivity Product, and ECS Sales groups providing client services to JPM-X Subscribers and to ECS supervisors and senior management responsible for the JPM-X offering and its operation, but their access is restrict via permissioned electronic logins, to real-time data at a summary level (e.g., aggregated order quantities by client or symbol) and historical data. Limited access to such systems also is provided to JPMS business unit trading personnel who route, for whom the algorithms/SOR routes, Firm/Conditional Orders to JPM-X, but their access is restricted, via permissioned electronic logins, to information regarding their respective unit's or a subset of that unit's Firm/Conditional Orders.

Systems with Historical Data. Historical data is accessible via a database used to view the status of, and generate reports regarding, Firm/Conditional Orders that were routed to JPM-X and either executed or cancelled; a GUI used to view JPM books and records; Middle Office systems for the post-trade processing of transactions; and the servers upon which the database, GUI, JPMS' books and records systems, and Middle Office systems run. Access to these systems through which historical data is accessible is restricted, via permissioned electronic logins, to the ECS Liquidity Product Specialists described above; technology and equities electronic trading quantitative research groups described above; ECS Client Coverage, ECS Connectivity Product, and ECS Sales groups described above; Middle Office personnel responsible for processing trades JPM-X; and personnel in technology groups, Compliance, and Regulatory Management responsible for facilitating JPMS' compliance with applicable law with respect to the operation of JPM-X. Limited access to such systems also is provided to JPMS business unit trading personnel who route, or for whom the algorithms/SOR routes, Firm/Conditional Orders to JPM but their access is restricted, via permissioned electronic logins, to information regarding their respective unit's or a subset of that unit's Firm/Conditional Orders.

Policies and Procedures

The above restrictions are maintained in part through written procedures requiring the escalation and approval of request access JPM-X data and the periodic review of such access. Moreover, JPMC has adopted written policies and procedure (the "Personal Account Dealing Policy" or "PAD Policy") requiring (i) employees and contingent workers subject to the PA Policy ("PAD Workforce Members") to disclose accounts that can hold and transact in the purchase or sale of publicly trad securities and over which PAD Workforce Members or related persons can exercise discretion ("Covered Accounts") and review and certify annually as to the accuracy and completeness of all Covered Account details, (ii) JPMC to monitor transaction details for Covered Accounts, (iii) PAD Workforce Members to preclear purchases, sales, pledges, and gifts of publicly traded and privately held financial instruments, and (iv) managers to review trading requests to prevent the impro use of material non-public information or other confidential information, conflicts of interest, and other applicable trading restrictions. Written supervisory procedures applicable to the JPMS U.S. Equities Division (the "WSPs") require reviews, documented at least on a monthly basis, to make certain that (i) new employees receive training with respect to the PAD Policy, (ii) employees have obtained preclearance appropriately, (iii) trading subject to the PAD Policy has been appropriately monitored, and (iv) escalated personal trading violations have been followed up on appropriately.

JPMS' written procedures for limiting access to confidential trading information, pursuant to JPMS' obligations under Regulation ATS Rule 301(b)(10), include a section of the WSPs regarding JPMS' alternative trading systems. The section requires reviews, documented at least on a quarterly basis, (i) to verify the appropriateness of the access afforded to those described in response to Part II, Item 6 who are authorized to view JPM-X data via front office and books and records systems and (ii) to approve, or verify the appropriate approval of, all new requests to access JPM-X order data via such systems.

In addition, JPMC policies and procedures require that confidential trading information be shared only on a "need to know basis (i.e., shared only with a person with a legitimate business need, in the normal exercise of the person's employment duties, for knowing or having access to the information) and prohibit the unauthorized or improper use of material non-public information and the front-running of client orders. Only the workforce members identified in response to Part II, Item 6 are deemed by JPMS to have such a need to know Subscribers' confidential trading information.

**7b. Can a Subscriber consent to the disclosure of its confidential trading information?** —

**7d. Summary of roles of persons with access to confidential trading information:**
The shared workforce members described in response to Part II, Item 6(a) are the only individuals who have access to Subscriber confidential trading information on JPM-X.  The information to which such individuals have access and the basis for their access are described in response to Part II, Item 6(a).  The systems described in response to Part II, Item 7(a) are the only systems that have access to Subscriber confidential trading information on JPM-X.

### Part III: Manner of Operations

**1. Types of Subscribers:** Investment Companies, Issuers, Brokers, Asset Managers, Principal Trading Firms, Hedge Funds, Market Makers, Banks, Dealers, Other

**2a. Is a Subscriber required to be a registered broker-dealer?** No

**2b. Are there any other conditions for eligibility to become a Subscriber?** Yes

   - **Conditions:** Only Persons that have satisfied JPMS' onboarding requirements are permitted to be JPMS clients, and only JPMS clients that are either "institutional accounts," as defined by FINRA Rule 4512, or broker-dealers are permitted to be Subscribers of JPM-X.  JPMS' onboarding requirements are based in part on, e.g., regulatory "Know Your Customer" and anti-money laundering requirements and vary depending on the characteristics of the Person's business.  Before accessing JPM-X, a Subscriber must work with JPMS to establish connectivity (i) between the Subscriber and the algorithms/SOR (via JPMS' JISU technology or an order management system selected by the Subscriber) if the Subscriber will access JPM-X via the algorithms/SOR and/or (ii) between the Subscriber and JPM-X (via JISU) if the Subscriber will access JPM-X directly.  Subscribers that access JPM-X, whether directly or via the algorithms/SOR, are subject to any applicable contractual agreements with JPMS (e.g., Electronic Trading Terms of Service).

**2c. Are the conditions for eligibility the same for all persons?** —

**2d. Is there a written agreement required to use the ATS?** No

**3a. Are there any conditions under which a Subscriber may be excluded?** Yes

   - **Conditions:** JPMS can deny a Subscriber access to JPM-X (both direct access and access via the algorithms/SOR) if the Subscriber fails to satisfy the requirements for becoming a JPMS client or accessing JPM-X (see Part III, Item 2) or based on considerations suggesting high-risk activity, including regulatory actions, surveillance findings indicating potential market manipulation, or other inappropriate activity, or JPMS' overall business relationship with the Subscriber and its affiliates.  JPMS also can deny a Subscriber access to JPM-X if ECS Liquidity Product Specialists, responsible for the operation of JPM-X, detect systematic behavior resulting in a materially negative impact to the operation of JPM-X or to other Subscribers as evidenced by, e.g., significant price reversion, a high cancellation rate, or a low firm-up rate in response to firm-up invitations (see Part III, Item 9).  Moreover, JPMS reserves the right (i) to disable any JPM-X functionality, in whole or in part, if such functionality experiences technical issues or could otherwise pose a detrimental risk to Subscribers, JPM-X, or the capital markets and (ii) to restrict the entry of a Subscriber's Firm/Conditional Orders into JPM-X if certain thresholds are exceeded (e.g., risk limits imposed by JPMS pursuant to its obligations under SEC Rule 15c3-5) or to mitigate operational risk by reducing the volume of messaging in JPM-X.

**3b. Are these conditions the same for all Subscribers?** —

**4a. Hours of Operation:**
JPM-X operates during the regular trading hours set by the primary markets for NMS stocks; the hours for such a primary market typically are from 9:30 a.m. to 4:00 p.m. (New York time), Monday-Friday, except on holidays observed by the primary market.  JPM-X can accept Firm/Conditional Orders from the algorithms/SOR starting at 6:30 a.m. and can accept Firm/Conditional Orders routed directly to JPM-X starting at 7:00 a.m.; however, JPM-X cancels back immediate-or-cancel ("IOC") orders in an NMS stock until after the NMS stock has opened on its primary market.  JPM-X does not match or execute Firm/Conditional Orders in an NMS stock until after the NMS stock has opened on its primary market.

**4b. Are the hours of operation the same for all Subscribers?** Yes

**5a. Are Subscribers permitted to enter orders and other messages by electronic means?** Yes

   - **Protocols:** Subscribers and the OTC Listed International Sales and Trading unit (described in response to Part II, Item 1) can enter Firm/Conditional Orders directly into JPM-X by routing through JPMS' JISU technology, a low-latency platform accessible through a standard FIX messaging protocol (FIX 4.2 API).  JPMS' JISU technology accesses JPM-X through a proprietary FIX messaging protocol and is the only means by which Subscribers can access JPM-X directly.

**5b. Are these protocols the same for all Subscribers?** —

**5c. Are there any other means to enter orders?** Yes

   - **Details:** Subscribers can enter firm orders into JPMS' algorithmic trading strategies, which can create child Firm/Conditional Orders that are routed to market centers, including JPM-X, by the SOR at the direction of the Subscribers or algorithmic trading strategies or at the SOR's own direction.  Instead, or in addition, Subscribers can enter Firm/Conditional Orders directly into the SOR, which then can route, or be directed by Subscribers to route, the Firm/Conditional Orders to market centers, including JPM-X.  The SOR accesses JPM-X through a proprietary FIX messaging protocol.  Subscribers can enter firm orders into JPMS algorithmic trading strategies and the SOR via a client gateway (JPMS' JISU technology, described in response to Part III, Item 5(a), or an order management system selected by the Subscriber).  Subscribers can opt out of having the algorithms/SOR route Firm/Conditional Orders to JPM-X.  Subscribers that access the algorithms/SOR are subject to any applicable contractual agreements with JPMS, such as any Electronic Trading Terms of Service, the terms of which (regarding, e.g., intellectual property rights, warranties, indemnification obligations, and limitations of liability) are sometimes negotiated and generally do not contain specific terms and conditions for accessing JPM-X through the algorithms/SOR.  There is no means by which to access JPM-X through the algorithms/SOR that is available to JPMS business units or JPMS affiliates but not to Subscribers.

**5d. Are the terms and conditions for other means the same for all Subscribers?** —

**6a. Are co-location services offered?** —

**6c. Are any other means offered that reduce the latency of communications?** No

**6e. Are any other means offered that reduce the latency of communications between the ATS and its Subscribers?** No

**7a. Order Types and Attributes:**
The following order types are eligible for execution in JPM-X:

--Non-Peg Limit Order -- an order to buy or sell at a specified fixed price or better;

--Primary Peg Order -- an order to buy or sell at the inside quotation of the National Best Bid or Offer ("NBBO") on the same side of the market, even as the NBBO changes (with or without a limit price);

--Midpoint Peg Order -- an order to buy or sell at the midpoint between the inside bid and the inside offer of the NBBO, even as the NBBO changes (with or without a limit price); and

--Market Peg Order -- an order to buy or sell at the inside quotation of the NBBO on the opposite side of the market, even as the NBBO changes (with or without a limit price).

Each of the above order types can have one of the following two time-in-force instructions:

--Immediate-or-Cancel ("IOC"), which is an instruction that the order be executed immediately with any portion of the order that cannot be executed immediately being cancelled; and

--Day, which is an instruction that the order rest in the book maintained by JPM-X (the "Order Book") until the order is executed, with any portion of the order that cannot be executed by the end of the trading day, or earlier in accordance with the time interval specified by the Subscriber or an algorithm selected by the Subscriber, being cancelled.

The above order types are available for use by Subscribers that access JPM-X directly or via the algorithms/SOR, irrespective of whether such access occurs through JISU.  JPM-X does not offer post-only order types, and none of the above order types is eligible for routing to other Trading Centers.  As described in response to Part III, Item 9, JPM-X accepts limit and pegged conditional order messages corresponding to the order types described above with a day (but not IOC) time-in-force instruction.

The above order types cannot be combined (i.e., an order cannot be more than one order type).  Subscribers that access JPM-X by routing to it or the SOR directly, and algorithms that access JPM-X via the SOR on behalf of Subscribers, can modify, replace, or cancel day orders routed to JPM-X.  The modification or replacement of a day order results in the entry of a replacement order with a new time stamp and lower priority in time than the original order, unless the modification is a reduction in the quantity of the order, in which case the replacement order has a new time stamp but the same priority in time that the original order had prior to its replacement.

JPM-X rejects (i) short sale exempt orders, (2) orders priced at or above $1.00 per share if priced in a sub-penny increment, (3) orders priced below $1.00 per share if priced in an increment of less than $.0001, and (4) orders that exceed limits imposed by JPMS pursuant to its obligations under SEC Rule 15c3-5.

An order is ineligible for execution in JPM-X unless the price, minimum quantity, and counterparty preference instructions associated with the order, if any, are satisfied.  Accordingly, a partially executed order is cancelled if the leaves quantity is less than the minimum quantity instruction associated with the order.  An order also is ineligible for execution in JPM-X if the order is a firm-up order or an order committed to a conditional order message during a firm-up period, as described in response to Part III, Item 9.

Once JPM-X determines that an order is eligible for execution, it is crossed with other eligible order(s) on the opposite side of the market based on price/tier/time priority (e.g., at a given price level, Tier 1 orders have higher priority than Tier 2 orders, and at a given price level within the same tier, orders received earlier in time have higher priority than orders received later in time).  (As described in response to Part III, Item 11(c), as between firm orders and conditional order messages at the same price, firm orders always have priority over conditional order messages irrespective of their tier or when they were received by JPM-X.)  When two orders eligible for execution are crossed, they are executed at or within their effective limit prices, as described in response to Part III, Item 11(c).  Accordingly, a peg order is executed at its pegged price or better.  JPM-X does not execute a cross if the inside quotation of the NBBO is crossed (i.e., the inside bid exceeds the inside offer) or locked (i.e., the inside bid is equal to the inside offer).  In addition, JPM-X does not execute a cross in any NMS stock that is subject to a regulatory or trading halt (although, as described in response to Part III, Item 20, JPM-X will continue to accept Firm/Conditional Orders in such an NMS stock and instructions to modify, cancel, or replace Firm/Conditional Orders in that NMS stock using the priority logic described in response to Part III, Item 11(c)).

Although a change in the NBBO would not affect the relative priority of orders (including peg orders) that remain eligible for execution after the change, the change could affect whether an order with a price instruction associated with it (including a peg order) is eligible for execution and the execution price at which orders that remain eligible for execution (including peg orders) are crossed.

**7b. Are the order types, attributes, and instructions the same for all Subscribers?** —

**8a. Does the ATS require a minimum or maximum order size?** —

**8c. Are odd-lot orders accepted and executed?** Yes

   - **Procedures:** Odd lot orders are handled in the same manner as round lot orders.

**8d. Are odd-lot procedures the same for all Subscribers?** Yes

**8e. Are mixed-lot orders accepted and executed?** Yes

   - **Procedures:** Mixed lot orders are handled in the same manner as round lot orders.

**8f. Are mixed-lot procedures the same for all Subscribers?** Yes

**9a. Does the ATS send any messages to indicate trading interest?** —

**10a. Opening/Re-opening/Closing Procedures:**
JPM-X accepts the Firm/Conditional Order types described in response to Part III, Item 7(a) prior to the start of the trading day and during any regulatory or trading halt (but not during a suspension or technical system outage, described in response to Part III, Item 20(a)).  JPM-X begins crossing firm orders, and matching conditional order messages with contra-side trading interest, in an NMS stock after the stock has opened on its primary exchange and, in the case of a stoppage during regular trading hours, after trading has resumed.  Firm/Conditional Orders are priced, prioritized, matched, and executed after JPM-X opens or re-opens for trading as described in response to Part III, Items 7, 9, and 11.

**10b. Are these procedures the same for all Subscribers?** Yes

**10c. Unexecuted Orders Procedures:**
Once the trading day commences or a stoppage has been lifted, JPM-X handles Firm/Conditional Orders as described in response to Part III, Items 7, 9, and 11.  If a stoppage of trading in an NMS stock occurs during regular trading hours while a firm-up period for one or more conditional order messages in that security is underway, JPM-X rejects any firm-up order received during the firm-up period while the stoppage is in place.

**10d. Is there any difference in execution procedures during trading hours?** Yes

**10e. Is there any difference in pre-opening or execution procedures following a stoppage?** —

**11a. Structure of the NMS Stock ATS:**
JPM-X is an NMS Stock ATS that operates within JPMS as part of the Equities Division of the Corporate and Investment Bank in JPMC, of which JPMS is a subsidiary, and offers matching services in NMS stocks.  JPM-X is a crossing system that matches non-displayed firm orders and conditional order messages.

**11b. Are the means that facilitate access the same for all Subscribers?** —

**11c. Rules and procedures of the NMS Stock ATS:**
JPM-X accepts non-peg limit, primary peg, midpoint peg, and market peg Firm/Conditional Orders unless they (i) are marked short sale exempt, (ii) are priced in a sub-penny increment if priced at or above $1.00 per share, (iii) are priced in an increment of less than $.0001 if priced below $1.00 per share, or (iv) exceed limits imposed by JPMS pursuant to its obligations under SEC Rule 15c3-5.

All Firm/Conditional Orders accepted by JPM-X (whether routed directly by a Subscriber or routed via the SOR by a Subscriber or JPMS trading algorithm on behalf of a Subscriber) -- other than firm-up orders and Resting Orders that are committed to a conditional order message during a firm-up period, as described in response to Part III, Item 9 -- are eligible for matching based on the liquidity available in the Order Book.  JPM-X matches Firm/Conditional Orders on opposite sides of the market in an NMS stock based on the price, size, and counterparty preference instructions associated with them.

Firm/Conditional Orders, once found eligible for crossing, are matched by JPM-X on the basis of price/tier/time priority, which means, e.g., that (i) at a given price level, orders in lower numbered tiers have priority over orders in higher numbered tiers and (ii) at a given price level within the same tier, orders received earlier in time have priority over orders received later in time.  Accordingly, of two equally priced orders, the one that is in the lower numbered tier will have priority over the one that is in the higher numbered tier regardless of the times at which the orders were received by JPM-X.  As between firm orders and conditional order messages at the same price, firm orders always have priority over conditional order messages irrespective of their tier or when they were received by JPM-X.

When crossing two orders matched for execution, JPM-X executes at or within their effective limit prices.  For marketable limit orders, the effective limit price is the NBBO inside offer for buy orders and the NBBO inside bid for sell orders.  For peg orders, the effective limit price is the better of the limit price specified on the order, if any, and the price defined by the peg instruction.  (For example, for a midpoint peg order with a limit price, the effective limit price is the better of the order's limit price and the NBBO midpoint.)  If the effective limit prices of two orders overlap, the orders will cross within, or at one of, the effective limit prices.  Note that JPM-X does not execute a cross if the inside quotation of the NBBO is crossed (i.e., the inside bid exceeds the inside offer) or locked (i.e., the inside bid is equal to the inside offer).  JPM-X also does not execute a cross in any NMS stock that is subject to a regulatory or trading halt.  In addition, when a circuit breaker has been triggered for an NMS stock under Rule 201 of Regulation SHO and JPM-X has matched a short sale order for execution, JPM-X will only execute at a price that is above the NBBO inside bid.

JPMS, at the request of a Subscriber or on JPMS' own initiative, may determine to review any transaction in JPM-X to assess whether it was adversely affected by a technical issue or "clearly erroneous" as defined by relevant regulators (e.g., under FINRA Rule 11891, "the terms of a transaction are 'clearly erroneous' when there is an obvious error in any term, such as price, number of shares, or other unit of trading, or identification of the security").  If JPMS determines that a transaction was adversely affected by a technical issue or clearly erroneous, whether or not as a result of JPMS or Subscriber error, JPMS, depending on the facts and circumstances, may work with the affected Subscriber(s) to resolve the error and may cancel (bust) the transaction or assume responsibility for one side of the transaction and work to cover the resulting position as soon as is practicable.  JPM-X also may suspend matching in the event of volatile market conditions (e.g., wide bid/offer spreads).

JPM-X time stamps orders upon receipt and executions at the time they occur and reports them in milliseconds in accordance with applicable FINRA Order Audit Trail System and trade reporting rules.  JPM-X determines queue positions based on new order receipt times with microsecond precision, except in the case of a reduction in the quantity of an order, in which case, the replacement order assumes the queue position of the original order.

**11d. Are these rules and procedures the same for all Subscribers?** Yes

**12a. Are there any arrangements to provide liquidity?** —

**13a. Is order or trading interest segmented?** Yes

   - **Procedures:** Subscriber Firm/Conditional Order flow is assigned to anorder flow type, each of which corresponds to a tier usedfor purposes of determining priority (given JPM-X's use ofprice/tier/time priority as described in response to Part
III, Item 11(c)). JPMS assigns a Subscriber's
Firm/Conditional Order flow to an order flow type basedupon an initial review of information received from the
Subscriber at onboarding. The order flow types andcorresponding tiers are provided below. For the avoidanceof doubt, "institutional investor client flow" does notinclude "U.S.-registered broker-dealer client flow" (andvice versa), and neither of them includes JPMS flow or JPMSaffiliates' flow. Fills resulting from JPMS principaltrading desk flow accessing JPM-X via the algorithms/SOR
(Order Flow Type P-1 in Tier 4) may be provided to JPMSclients on a riskless principal basis. As noted in responseto Part II, Item 1(a), Order Flow Type P-2 in Tier 4consists entirely of Firm/Conditional Orders routed by
JPMS' Automated Liquidity Provider desk.

Tier 1 (Order Flow Type I-1) -- Institutional investorclient flow and JPMS affiliates' flow accessing JPM-X viathe algorithms/SOR;

Tier 2 (Order Flow Type I-2) -- Institutional investorclient flow with direct access to JPM-X;

Tier 3 (Order Flow Type I-3) -- U.S.-registered broker-dealer client flow (both agency and principal) accessing
JPM-X via the algorithms/SOR;

Tier 4 (Order Flow Type P-1) -- Internal (JPMS) principaltrading desk flow accessing JPM-X via the algorithms/SOR;

Tier 4 (Order Flow Type P-2) -- Internal (JPMS) electronicliquidity provider flow with direct access to JPM-X;

Tier 5 (Order Flow Type I-4 / ELP) -- Flow of externalbroker-dealers categorized as electronic liquidityproviders with direct access to JPM-X; and

Tier 5 (Order Flow Type I-5) -- Flow of external broker-dealers not categorized as electronic liquidity providers
(both agency and principal) with direct access to JPM-X.

There is no specific length of time that an order flow typeor tier assignment for a Subscriber will remain in effect;however, JPMS conducts a quarterly review of the tradingactivity in JPM-X of a sample set of Subscribers to confirmthe accuracy of   the Subscribers' order flow type and tierassignments, and JPMS reserves the right to review and add,remove, or revise an order flow type or tier assignment fora Subscriber at any time. Based on a review of a
Subscriber's trading activity (including, e.g., discussionswith the Subscriber about changes in its business orobserved changes in order flow characteristics), ECS
Liquidity Product Specialists can request that the
Subscriber modify its order flow and/or trading behavior toconform to its assigned order flow type or, if such amodification seems unlikely, determine to amend the
Subscriber's order flow type assignment. JPMS would notifythe Subscriber in the event of a change in the order flowtype or tier assignment for the Subscriber. JPMS may changean order flow type or tier assignment for a Subscriber asdescribed in response to Part III, Items 13-14 but doesnot otherwise override such an assignment once made.

The segmentation of order flow described above affectsorder interaction insofar as, in looking for matchingopportunities for a Subscriber's Firm/Conditional Orders,
JPM-X complies with the Subscriber's counterpartypreferences regarding the order  flow types or tiers withwhich the Subscriber would like to interact, as describedin response to Part III, Item 14. In addition,
Firm/Conditional Orders, once found eligible for crossing,are matched by JPM-X on the basis of price/tier/timepriority, which means, e.g., that at a given price level,orders in lower numbered tiers have priority over orders inhigher numbered tiers, as described in response to Part
III, Item 11(c). Accordingly, of two equally priced orders,the one that is in the lower numbered tier will havepriority over the one that is in the higher numbered tierregardless of the times at which the orders were receivedby JPM-X. As between firm orders and conditional ordermessages at the same price, firm orders always havepriority over conditional order messages irrespective oftheir tier or when they were received by JPM-X.

**13b. Is the segmentation the same for all Subscribers?** Yes

**13c. Does segmentation depend on whether the order is from a customer?** Yes

**13d. Are segmentation categories disclosed to Subscribers?** Yes

   - **Content:** JPMS informs Subscribers of their assigned order flow type and tier classification at onboarding and upon request.  A request by a Subscriber to contest such an assignment can be communicated through a JPMS sales representative and will be reviewed by ECS Liquidity Product Specialists.

**13e. Is the disclosure the same for all Subscribers?** —

**14a. Is a Subscriber designated to interact with specific trading interest?** Yes

   - **Details:** Subscribers can restrict the order flow types or tiers with which their Firm/Conditional Orders interact.  Subscribers can identify order flow type or tier restrictions (i) on an order-by-order basis in the Firm/Conditional Order instructions submitted to JPMS or (ii) by contacting the Subscriber's JPMS sales representative with respect to a subset of Firm/Conditional Orders or all order flow.  In each case, ECS Liquidity Product Specialists implement the restriction as soon as reasonably practicable.  ECS Liquidity Product Specialists may modify the Subscriber's configuration settings to the extent the restrictions relate to multiple orders.  JPMS may further limit the order flow types or tiers with which a Subscriber's Firm/Conditional Orders interact based on the Subscriber's trading objectives, consistent with the Subscriber's order instructions (e.g., when a Subscriber has informed JPMS that the Subscriber seeks a low participation rate and so JPMS, in light of that objective, reduces the liquidity available to the Subscriber in JPM-X by restricting the order flow tiers with which the Subscriber's Firm/Conditional Orders would interact).  In addition, JPMS can apply self-crossing restrictions and may consult with the Subscriber in determining such restrictions.

**14b. Is the counter-party selection the same for all Subscribers?** —

**15a. Does the ATS use electronic communications to display order and trading interest?** No

**15b. Is order and trading interest displayed to anyone other than Subscribers?** Yes

   - **Details:** The anonymized, aggregated quantities of resting buy firmorders and resting sell firm orders, per symbol, availablein each tier of the Order Book at (i) the National Best
Bid, (ii) National Best Offer, or (iii) NBBO midpoint
(based on the sources of market data described in responseto Part III, Item 23), with non-peg limit orders that couldbe executed at more than one of the above prices aggregatedwith orders at the most aggressive of those prices, aremade known to the SOR with a frequency of up to once persecond. The SOR uses this information solely to decidewhether to route firm orders to JPM-X and does not sharethe information with any other trading system or desk. Any
Subscriber that accesses JPM-X via the algorithms/SOR canopt out of the inclusion of the Subscriber's orders in thefeed described above, in which case the SOR would not relyupon the feed when routing the Subscriber's orders.

In addition, Firm/Conditional Orders are made known to the
SOR when they are routed through it. When JPMS tradingalgorithms and Subscribers route conditional orders to JPM-
X, JPM-X may send firm-up invitations back to the JPMStrading algorithms and Subscribers via the SOR. Asdescribed in response to Part III, Item 9, a firm-upinvitation includes the symbol, quantity, and price of theassociated same-side conditional order that prompted thefirm-up invitation. The SOR does not retain informationabout Firm/Conditional Orders resident in the Order Bookother than Firm/Conditional Orders that the SOR itselfdetermined to route to JPM-X.

**15c. Are the display procedures the same for all Subscribers?** —

**16a. Are orders or other messages routed out of the ATS?** No

**17a. Is there any difference between the treatment of order and trading interest based on source?** No

**17b. Is the treatment the same for all Subscribers?** Yes

**18a. Does the ATS execute trades outside of its regular trading hours?** No

**19a. Fees:**
JPMS charges unbundled subscription fees for JPM-X to Subscribers that access JPM-X by routing to it or the SOR directly.  Such fees can take the form of either a fixed fee or a volume-based fee (with a floor of $0/share in both cases and no set maximum).  The availability of these fee types is not limited by Subscriber type.  In addition, a Subscriber that accesses JPM-X by routing to it directly may be charged a volume-based monthly connectivity fee.  The amount of the connectivity fee, if applied, can range between $0 and $300 per FIX session and is dependent on whether the volume of shares executed by the Subscriber via direct routes to JPM-X is above or below a fixed share volume threshold per session for the Subscriber.  The share volume threshold may vary by Subscriber.  Variables that impact the amount of the above fees and the share volume threshold include the volume of the client's trading through JPMS and JPMS' overall business relationship with the client and its affiliates.

**19b. Bundled Services/Fees:**
JPMS individually negotiates fees and charges with clients that use multiple JPMS order handling and execution services, which include algorithmic trading strategies, the SOR, research, prime brokerage, high-touch trading, and/or program trading.  Such clients include those that access JPM-X via the algorithms/SOR.  These fees and charges necessarily vary across clients based on the products and services provided to them by JPMS and can take the form of a Cost+ fee (including a volume-based or flat fee commission) or an All-In fee (negotiated at an overall client-level).  The availability of these fee types is not limited by client type.  Variables that impact the amount of the fee include the volume of the client's trading through JPMS and JPMS' overall business relationship with the client and its affiliates.

**19c. Rebates and Discounts:**
JPMS does not offer rebates for the use of JPM-X.  JPMS individually negotiates fees and charges, which may be bundled as described above in response to Part III, Item 19(b), resulting in fees and charges that may vary across Subscribers.

**20a. Suspension of Trading Procedures:**
JPMS can, in its sole discretion, elect to suspend operation of JPM-X at any time, including the suspension of trading in individual NMS stocks for, among other reasons, approaching Regulation ATS Fair Access and Regulation SCI volume thresholds.  JPMS also may suspend trading in an NMS stock if, e.g., (i) JPMS is unable to report trades in that stock as described in response to Part III, Item 21 or (ii) the market data received by JPM-X for the stock from the Securities Information Processors (discussed in response to Part III, Item 23) is unavailable, unstable, experiencing unacceptable latencies, or detected to be providing quotes that appear to have quality issues.  JPMS will make reasonable efforts to notify electronically Subscribers that access JPM-X directly in a timely manner in the event of such suspensions.

In the event of a technical system outage at JPM-X, the JPMS Electronic Trading Technology Production Management team can in its discretion:
-- Disable routing from the algorithms/SOR to JPM-X;
-- Disable routing from JISU to JPM-X;
-- Disable the acceptance of orders in JPM-X; and
-- Cease the matching process in JPM-X by cancelling any open Firm/Conditional Orders.

If an NMS stock is subject to a regulatory or trading halt, JPM-X will continue to accept Firm/Conditional Orders in that NMS stock and instructions to modify, cancel, or replace Firm/Conditional Orders in that NMS stock using the priority logic described in response to Part III, Item 11(c), but JPM-X will not match or execute Firm/Conditional Orders in that NMS stock.

In the event of a halt in an NMS stock imposed by JPM-X, it will not accept, match, or execute Firm/Conditional Orders in that NMS stock and will not accept instructions to modify, cancel, or replace Firm/Conditional Orders in that NMS stock.

Moreover, as noted in response to Part III, Item 3(a), JPMS reserves the right (i) to disable any JPM-X functionality, in whole or in part, if such functionality experiences technical issues or could otherwise pose a detrimental risk to Subscribers, JPM-X, or the capital markets and (ii) to restrict the entry of a Subscriber's Firm/Conditional Orders into JPM-X if certain thresholds are exceeded (e.g., risk limits imposed by JPMS pursuant to its obligations under SEC Rule 15c3-5) or to mitigate operational risk by reducing the volume of messaging in JPM-X.  For instance, JPMS reserves the right to disable matching in JPM-X when market conditions warrant a reduction of operational risk (e.g., in the event of excessive market volatility).

**20b. Are these procedures the same for all Subscribers?** Yes

**21a. Trade Reporting Arrangements:**
Once a cross has been executed, the trade is reported by JPMS to a recognized trade reporting facility of a self-regulatory organization ("SRO") in accordance with applicable SRO rules.  JPM-X does not cross principal orders with other principal orders.  JPMS currently reports trades to the FINRA/Nasdaq Trade Reporting Facility (FINRA/Nasdaq TRF Carteret) or, as a backup, the FINRA Alternative Display Facility.  JPMS also maintains audit trail information for orders submitted to JPM-X as required by Consolidated Audit Trail ("CAT") reporting. JPMS will not submit CAT reports for conditional order messages in compliance with FINRA's CATNMSPLAN Frequently Asked Question - Compliance Number B40.

**21b. Are these arrangements the same for all Subscribers?** Yes

**22a. Clearance and Settlement Arrangements:**
JPM-X transactions are cleared and settled by JPMS using its existing clearance and settlement infrastructure.  In its capacity as a self-clearing firm, JPMS submits transactions in JPM-X for clearance at the National Securities Clearing Corporation ("NSCC") and settlement at the Depository Trust Company ("DTC"), except as described below.  All JPM-X transactions clear versus JPMS and according to the settlement instructions provided to JPMS by Subscribers.  Subscribers either must self-clear or have their own clearing arrangements with broker-dealer clearing firms (such as JPMS) and/or a custodial relationship with a broker-dealer or bank.  If JPMS' clearing counterparty is JPMS itself, JPMS will clear the transaction internally.  If JPMS' clearing counterparty is an NSCC-eligible broker-dealer other than JPMS, JPMS will submit the transaction to the NSCC pursuant to a Qualified Service Representative Agreement, NASDAQ ACT Automated Give-Up Agreement, or Correspondent Clearing 9A/9B Authorization.  If JPMS' clearing counterparty is a non-NSCC-eligible broker-dealer or a custodial broker-dealer or bank, JPMS will settle the transaction DVP/RVP through DTC.

**22b. Are these arrangements the same for all Subscribers?** —

**23a. Market Data Sources:**
JPMS determines the NBBO and protected quotes and prices, prioritizes, and executes Firm/Conditional Orders in JPM-X based on market data received from direct feeds through Redline, JPM-X's market data provider, uses (a) proprietary feeds from all national securities exchanges other than Long-Term Stock Exchange, Members Exchange, MIAX PEARL Equities, NYSE American, NYSE Chicago, and NYSE National and (b) the Securities Information Processors (the "SIP") for the aforementioned exchanges and ADF. Redline or JPMS will switch to extracting equivalent data from the SIP where a proprietary feed is unavailable, unstable, experiencing unacceptable latencies, or detected to be providing quotes that appear to have quality issues. When a direct feed is affected, the SIP is used for market data from the affected market, and Redline or JPMS will continue to use direct feeds from the unaffected markets to determine the NBBO. In the event of any disruption of services or other issues with any of the direct feeds, JPMS reserves the right to execute transactions in JPM-X based on market data from the SIP for any (or all) market center(s). As described in response to Part III, Item 20, JPMS may suspend trading in an NMS stock if the market data received by JPM-X for the stock from the SIP is unavailable, unstable, experiencing unacceptable latencies, or detected to be providing quotes that appear to have quality issues.

**23b. Are these sources the same for all Subscribers?** Yes

**24a. Does the ATS aggregate Subscriber order and trading interest with that of other trading centers?** No

**25a. Did the ATS exceed the volume thresholds of Regulation ATS?** No

**26. Are order flow and execution statistics published?** —