JPMorgan JPBX Dark Pool Opens for Business

And theyre off!

Orders that is – to JPMorgans new JPBX dark pool which has opened for business, according to Reuters. This new venue operates by allowing the banks customers to route their orders via the banks algorithms to execute at a benchmark price achieved during a set time period.

According to Reuters, the pool began operation during the July 17 week, citing data from the Financial Industry Regulatory Authority.

JPBX joins the banks other private dark pool, JPMX, which operates in the traditional fashion of crossing the spread based on the NBBO.

Brokers looking to get benchmark pricing for their orders can access the new dark pool through JPMorgan’s algorithms.

Reuters reported that JPMorgan spokeswoman Jessica Francisco declined to comment.

The news outlet added that for the week of July 24, 417,289 shares were crossed on 3,636 orders in JPBX, up from 2,220 shares on 16 orders the previous week, according to FINRA data.