LMAX Exchange, part of the LMAX Group, delivers efficient market structure and transparent, precise, consistent execution to all market participants, including funds, banks, proprietary trading firms, brokerages and asset managers.
Operating multiple global institutional FX exchanges and an FCA regulated MTF, LMAX Exchange enables institutions to trade on a central limit order book with streaming firm limit order liquidity from top tier global banks and non-banks.
Trading on LMAX Exchange streaming firm limit order liquidity enables institutions to have full transparency of market dynamics, avoid pre-trade information leakage and control execution strategy and costs:
- Fill ratio: can be configured and optimised for a specific execution strategy by applying ‘tolerance’ to the target price. Fill ratio and price variation metrics on limit orders are interlinked and related to price volatility
- Price variation: driven by market dynamics, both price improvement and slippage on limit orders are passed fully and transparently
- Hold time: lack of discretionary latency eliminates one of the most significant hidden opportunity costs of ‘last look’, delivering consistently low latency execution
- Bid-offer spread: price discovery through executable pricing ensures transparency of real market conditions
- Market impact: no ‘last look’ execution eliminates the risk of pre-trade information leakage or disadvantageous price changes ahead of full order execution
- Transparent, fair and consistent exchange quality execution
- No ‘last look’ rejections and no added costs
- Configurable/optimised fill rate
- Price improvement as standard
- Control over all execution parameters & costs
- Real-time firm limit order liquidity market data
- Configurable/optimised fill rate: up to 99%
- Price improvement as standard: up to $20/million
- Order matching ‐ internal exchange latency <85 μs
- Processing capacity ‐ orders/sec. 800,000 peak, 100,000 sustained
LMAX Group proprietary technology, widely recognised for industry innovation, delivers ultra-low latency execution, high capacity and robust, consistent exchange performance.
Our global exchange infrastructure includes matching centres in London (LD4), New York (NY4) and Tokyo (TY3).