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FX market leadership - driving positive change

Research and analysis published by LMAX Exchange

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Advocating for industry transparency

LMAX Exchange takes an active part in the debate on the measures required to restore trust in the global FX market by offering thought leadership through its series of industry reports. Central to the reports are survey findings, conducted to assess the market sentiment at a particular point in time, and recommendations on the changes needed within the FX market in light of technology innovation, market sentiment and evolving international regulation.


‘TCA and fair execution. The metrics that the FX industry must use.’

TCA and fair executionThis white paper takes several commonly used Transaction Cost Analysis (TCA) metrics, focused on the impact of ‘last look’, and examines the relevance of these metrics in assessing execution quality when trading on firm limit order liquidity.

It is intended as a starting point for further TCA research.

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‘The road to FX reformation’ report

Road to FX reformation reportBased on an industry survey of 1100 respondents, the report highlights that FX market participants do not believe that much has changed in the last two years, since the launch of the regulatory initiatives to improve the transparency and efficiency of the global market.

The report sets out clear and actionable recommendations for market participants and regulators on the changes required to improve public trust in the FX market.

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‘Restoring trust in the global FX markets’ report

Road to FX reformation reportCentral to the report is a survey of 450 FX institutional market participants, highlighting the fundamental lack of public trust in the FX market. The report includes a wide range of industry views on how to enhance transparency without compromising liquidity.

Pointing the way forward, the report outlines industry changes that mitigate against vulnerabilities in FX and sets out new standards for good market practice globally.

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Hard copies are also available, just email us at [email protected]