Execute – A Self-Directed Investing Approach

We recognise that wealth management is unique to you. At J.P. Morgan Private Bank, we offer you access to personal trading platforms tested to institutional standards, helping you execute with confidence. Best execution is not just a regulatory requirement; it’s how we operate—delivering value, transparency, and confidence in every transaction.

Equities: Speed, access, discretion—by design.

The equity markets are among the most liquid and efficient in the world, but true value comes from how one accesses and navigates that liquidity. At J.P. Morgan, we leverage our global network of counterparties, the knowledge and experience of our traders, and cutting-edge technology to deliver best execution for our clients.

Our proprietary suite of liquidity-seeking trading algorithms is designed to optimise every trade. These algorithms analyse market conditions in real time, accessing liquidity across multiple venues—lit pools (public, transparent stock exchanges), dark pools (private exchanges), periodic auctions, and more—at sub-second speeds. By dynamically adjusting order size and timing, our technology minimises market impact and information leakage, ensuring your trades are executed at the most favorable prices.

Through 2025, our algorithms delivered an average outperformance versus their benchmark. In the European markets, our most popular liquidity seeking algorithm, which balances market impact and timing risk, averaged an improvement of 42.67 basis points. For a EUR 1 million order, that’s a saving of over 4,000 Euros. Our commitment to continuous improvement means we measure and report our execution outcomes to showcase the tangible benefits of our approach on your trading experience.

For Exchange-Traded Funds (ETFs)—especially in Europe, where most trading occurs over the counter—we connect with multiple market makers to secure liquidity and price improvements. On average, our ETF trades can source multiples of the average daily volume traded on exchange, while also delivering a better price than those displayed. Our approach also includes rigorous broker analysis and venue selection. By working with a diverse set of brokers and trading venues, we ensure coverage for all market segments, including small caps and regional stocks.

Fixed income: Deep dealer networks. Disciplined execution.

Fixed Income markets operate differently from Equities and FX. Bonds are traded over-the-counter, dealer-to-dealer, making price discovery and execution a highly specialised, relationship-driven process. At J.P. Morgan, our extensive network of approved dealers and our high-touch service set us apart.

In 2025, we utilised 69 different dealers to ensure competitive pricing and liquidity. Our most frequently used dealer accounted for 17% of tickets, demonstrating our commitment to independence and client-first execution. We are not captive to any single relationship; we select the best dealer for each trade, based on price, size, market positioning, and likelihood of honouring or improving upon quoted prices.

Our process involves putting multiple dealers in competition for each order, leveraging our market insight and relationships to secure the best price for our clients. When we achieve best execution, we compare the price obtained to the benchmark; for example, when executing High Yield bonds in 2025, the improvement in price averaged 18 cents. For a $1million order, that is a saving of over $1,800. For limit orders, we do not just fill at the specified price; we actively seek opportunities to improve execution, delivering an average price improvement of 18.5 cents.

This combination of experience, relationships and technology is why trading fixed income with J.P. Morgan Private Bank is different from trading with other banks. Our clients benefit from our market access, expertise, and dedication to securing the best outcomes, even in the most complex and illiquid markets.

Foreign Exchange (FX): Institutional Quality. Benchmarked quality.

Foreign Exchange (FX) are the largest and the most liquid markets in the world. Participants can execute large trades across currencies with ease and speed in a highly electronic, low-friction environment. Nevertheless, at J.P. Morgan we review the execution of our FX transactions to assess their quality versus expected benchmarks, across all notional sizes and currency pairs. J.P Morgans FX franchise is recognized as a top-tier dealer globally, and our clients benefit from our scale, technology investment, and market expertise.

We use independent third-party analytics (BestX® FX Best Execution TCA) to benchmark our execution quality against the market. Data gathered through 2025 shows that our trading was able to deliver an outperformance versus expected costs across notional ranges. These results are a function of both the scale of our balance sheet and the technological investments in our trading toolkit. Ultimately these our ability to access liquidity while minimizing price impact on our FX trades. Our main currency pairs, including EUR/USD, GBP/USD, and CHF crosses, consistently outperformed market benchmarks, with the biggest savings realised on larger transaction sizes.