David Mercer, CEO of LMAX Exchange, talks to Galen Stops, deputy editor of Profit & Loss, about why FinTechs are enablers rather than disruptors of the FX market.
LMAX Exchange CEO, shares his views at the FX Week Europe 2016 conference panel ‘Liquidity under the microscope’: Is the rise of non-bank market makers creating a more liquid, transparent, efficient FX market, raising the bar and improving technology? The panel focused on discussing the differences and similarities between ‘bank’ vs ‘non-bank’ liquidity as well as the criteria that the market participants use to assess execution quality and costs, such as last look vs firm liquidity, fill ratios, reject rate. The panel concluded with each participant’s perceived views on the expected market changes in 2017.
This is a guest post for the Computer Weekly Developer Network blog ‘penned’ by Dr. Andy Phillips in his role as director of technical operations at LMAX Exchange — the company is a specialist in technology that facilitates the FX trading strategies of both buy-side & sell-side trading institutions.
It’s the question that keeps C-level execs awake at night: how do they attract and retain the best talent? To become best in class, you need the best people and that has become an ever-tougher task in the highly competitive world of tech talent.
No longer are the stock options, pool tables, free meals and beanbags enough to set you apart from the crowd. For star developers, there are plenty of good financial offers on the table too, so pay packets alone won’t necessarily seal the deal, especially among those who are most motivated by the technical quality of their working environment and peers.
City-chic is waining
Finance sector companies in particular, who may have relied on brand recognition and big paychecks to attract the best talent are now competing with companies that did not exist a decade ago. It’s no longer cool to work in the City compared to being part of a fintech startup in Clerkenwell trying to disrupt traditional finance. For more career risk averse developers, Internet giants like Facebook or Google have as much or more attraction than the giants of Wall Street.
New global exchange infrastructure expansion in Equinix New York NY4.
Our global infrastructure has been expanded with the launch of a new universal exchange matching environment, built specifically for banks, funds and asset managers – learn more.
LMAX Exchange CEO, David Mercer, introduces and explains the reasons behind the New York matching engine.
The UK’s referendum decision to leave the European Union has led to wild swings in the valuation of sterling, and caused significantly increased volatility in many other currencies.
LMAX Exchange CEO, David Mercer, shares his insights together with a list of FX industry participants.
The motion: ‘Last look’ should be banned from FX – A head to head debate, between David Mercer (CEO, LMAX Exchange) and Isaac Lieberman (CEO, Aston Capital Management) at Profit & Loss Forex Network New York, May 2016.
David Mercer argues that the practice of ‘last look’ should be abolished in FX, stating that it was a business solution to a technology problem that no longer exists. Mercer refers to the recent ‘Restoring trust in FX’ market survey where 88% said the practice most open to abuse is ‘last look’. He also argues for a more transparent, robust and fair marketplace and asks, why doesn’t ‘last look’ exist in any other asset class?
A Random Walk Through the FX Market”, LMAX Exchange CEO, David Mercer, on the future of FX liquidity and impact of regulation at the Profit & Loss Forex Network London, 14 April.
Liquidity in FX or a lack of ? Have the market conditions really changed in 2015? Regulatory scrutiny of ‘Last Look’: what’s the price of firm liquidity? Watch David Mercer, LMAX Exchange CEO, discuss ‘Liquidity in FX or a lack of: What the new breed of liquidity providers have to say’.
Is the environment shifting irrevocably in the FX market? It’s undeniable that the climate of the FX markets is changing, but what do these changes mean for FX liquidity? Watch David Mercer, LMAX Exchange CEO, discuss the effects of FX ‘Climate Change’ in global FX Markets.
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