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DISCLOSURES

Extended Hours Trading Risks Disclosure

J.P. Morgan Securities LLC (JPMS) is providing the following information to you regarding the risks involved with trading during extended hours trading (EHT) through JPMS pursuant to CBOE Rule 9.20, Nasdaq Equity Rules, Equity 2 Market Participants, Section 20 and FINRA Rule 2265. JPMS may not accept an order from a customer for execution during EHT (as defined therein) without disclosing the potential risks involved in such EHT. You should consider the following points before engaging in EHT. "EHT" means trading outside of “regular trading hours.” “Regular trading hours” generally means the time between 9:30 a.m. and 4:00 p.m. Eastern Standard Time:

  1. Risk of Lower Liquidity. Liquidity refers to the ability of market participants to buy and sell securities. Generally, the more orders or quotes that are available in a market, the greater the liquidity. Liquidity is important because with greater liquidity it is easier for investors to buy or sell securities, and as a result, investors are more likely to pay or receive a competitive price for securities purchased or sold. There may be lower liquidity in EHT as compared to regular trading hours, including fewer market-makers quoting during EHT. As a result, your order may only be partially executed, or not at all.
  2. Risk of Higher Volatility. Volatility refers to the changes in price that securities undergo when trading. Generally, the higher the volatility of a security, the greater its price swings. There may be greater volatility in EHT than in regular trading hours. As a result, your order may only be partially executed, or not at all, or you may receive an inferior price in EHT as compared to regular trading hours.
  3. Risk of Changing Prices. The prices of securities traded in EHT may not reflect the prices either at the end of regular trading hours or upon the opening of regular trading hours the next business day. As a result, you may receive an inferior price in EHT as compared to regular trading hours.
  4. Risk of Unlinked Markets. Depending on the EHT system or the time of day, the prices displayed on a particular extended hours system may not reflect the prices in other concurrently operating EHT systems dealing in the same securities. Accordingly, you may receive an inferior price in one EHT system than you would in another EHT system.
  5. Risk of News Announcements. Normally, issuers make news announcements that may affect the price of their securities after regular trading hours. Similarly, important financial information is frequently announced outside of regular trading hours. These announcements may occur during EHT, and if combined with lower liquidity and higher volatility, may cause an exaggerated and unsustainable effect on the price of a security.
  6. Risk of Wider Spreads. The spread refers to the difference between the price for which you can buy a security and the price for which you can sell it. Lower liquidity and higher volatility in EHT may result in wider than normal spreads for a particular security.
  7. Risk of Lack of Calculation or Dissemination of Underlying Index Value or Intraday Indicative Value (“IIV”). Where an updated underlying index or portfolio value, or IIV, is not calculated or publicly disseminated during EHT, an investor who is unable to calculate implied values for certain derivative securities products may be at a disadvantage to market professionals during EHT.
  8. Risk of Lack of Regular Trading in Securities Underlying Indexes. Securities underlying the indexes or portfolios will not be regularly trading as they are during regular trading hours, or may not be trading at all. This may cause prices during EHT to not reflect the prices of those securities when they open for trading.
  9. Access to other markets and market information. During EHT, not all market centers are active or offer trading at the same times, which can lead to varying liquidity and pricing for securities across different centers. Access to quotes and trading data may be limited, and prices can be influenced by news or market developments occurring outside regular hours. The combination of lower liquidity and higher volatility can result in exaggerated and potentially unsustainable price movements of a security. Before placing an order during EHT sessions, ensure you have sufficient current information to set an appropriate limit order.

INVESTMENT AND INSURANCE PRODUCTS ARE:

  • NOT FDIC INSURED
  • NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
  • NOT A DEPOSIT OR OTHER OBLIGATION OF, OR GUARANTEED BY, JPMORGAN CHASE BANK, N.A. OR ANY OF ITS AFFILIATES
  • SUBJECT TO INVESTMENT RISKS, INCLUDING POSSIBLE LOSS OF THE PRINCIPAL AMOUNT INVESTED

The agreements entered into with J.P. Morgan Securities (JPMS), and corresponding disclosures provided with respect to the different products and services provided by JPMS (including our Form ADV disclosure brochure, if and when applicable), contain important information about the capacity in which we will be acting. You should read them all carefully. We encourage clients to speak to their J.P. Morgan Advisor regarding the nature of the products and services and to ask any questions they may have about the difference between brokerage and investment advisory services, including the obligation to disclose conflicts of interests and to act in the best interests of our clients.

Full terms and conditions (PDF).

The disclosures may be provided in the interactive electronic communication itself in close proximity to the testimonial or the disclosures may be made through a clearly marked hyperlink accompanying the testimonial using language such as “important testimonial information,” provided of course that the testimonial is not false, misleading, exaggerated or promissory.

LEARN MORE ABOUT OUR FIRM AND INVESTMENT PROFESSIONALS AT FINRA BROKERCHECK.

To learn more about J. P. Morgan’s investment business, including our accounts, products and services, as well as our relationship with you, please review our J.P. Morgan Securities LLC Form CRS (PDF) and Guide to Investment Services and Brokerage Products.

This website is for informational purposes only, and not an offer, recommendation or solicitation of any product, strategy service or transaction. Any views, strategies or products discussed on this site may not be appropriate or suitable for all individuals and are subject to risks. Prior to making any investment or financial decisions, an investor should seek individualized advice from a personal financial, legal, tax and other professional advisors that take into account all of the particular facts and circumstances of an investor's own situation.

This website provides information about the brokerage and investment advisory services provided by J.P. Morgan Securities LLC (“JPMS”). When JPMS acts as a broker-dealer, a client's relationship with us and our duties to the client will be different in some important ways than a client's relationship with us and our duties to the client when we are acting as an investment advisor. A client should carefully read the agreements and disclosures received (including our Form ADV disclosure brochure, if and when applicable) in connection with our provision of services for important information about the capacity in which we will be acting.

J.P. Morgan Chase Bank N.A., Member FDIC Not a commitment to lend. All extensions of credit are subject to credit approval.

J.P. Morgan Wealth Management is a business of JPMorgan Chase & Co., which offers investment products and services through J.P. Morgan Securities LLC (JPMS), a registered broker-dealer and investment adviser, member FINRA and SIPC. Insurance products are made available through Chase Insurance Agency, Inc. (CIA), a licensed insurance agency, doing business as Chase Insurance Agency Services, Inc. in Florida. Certain custody and other services are provided by JPMorgan Chase Bank, N.A. (JPMCB). JPMS, CIA and JPMCB are affiliated companies under the common control of JPMorgan Chase & Co. Products not available in all states.

Please read additional Important Information in conjunction with these pages.

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