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JPMorgan Launches New Algo-Driven Dark Pool for Stocks

JPMorgan Chase & Co has begun trading on a new private stock trading venue, or "dark pool," that lets its clients use the bank's algorithms to buy or sell stocks at a benchmark price reached over a period of time, according to a story in Reuters news. Trading in the new dark pool, known as JPBX, began the week of July 17th. The move comes at a time of increased regulatory scrutiny of dark pools that has led to many trading venues being boarded up. JPMorgan's securities unit also runs JPMX, a dark pool that matches shares in a more traditional manner, within the spread of the best bid and offer prices shown on public stock exchanges like those run by Nasdaq Inc. or Intercontinental Exchange Inc's New York Stock Exchange. Brokers looking to get benchmark pricing for their orders can access the new dark pool through JPMorgan's algorithms. The bank hopes to have the dark pool fully launched by the end of the month.

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