LMAX ExchangeLMAX Exchange

  • Streaming
    no ‘last look’
    liquidity

  • One public
    rulebook for
    all participants

  • Firm real
    time market
    and trade data

The leading FCA regulated MTF

Regulated by the FCA and hosted in Equinix LD4, the LMAX MTF enables trading of major equity indices on a central limit order book with streaming firm limit order liquidity and delivers fair, transparent, precise and consistent execution to all market participants.

close

Instruments and venue controls


Equity index CFDs LMAX symbol LMAX security ID Tick size Min. order size(notional) Settlement basis Contract multiplier Min. order size (LMAX contracts) Taker vol. band Maker vol. band Inversion threshold
Australia 200 AUS200 100888 0.1 1 1 1 1 3 7 6
China A50 CHA50 100915 0.01 0.01 1 1 0.01 5 7 10
China H Shares CHS50 100916 0.1 1 1 1 1 5 7 3.5
Europe 50 EUR50 100101 0.1 1 1 1 1 3 7 3
France 40 FCHI 100099 0.1 1 1 1 1 3 7 5
Germany 30 (Mini) GER30m 110097 0.1 1 1 1 1 5 7 5
Hong Kong 50 HSI 100904 0.5 1 1 1 1 5 7 10
Japan 225 J225 100105 1 100 1 100 1 3 7 9
Netherlands 25 ND25 100907 0.01 1 1 1 1 3 7 0.4
Singapore 20 SG20 100920 0.01 10 1 10 1 3 7 10
Spain 35 SPN35 100906 0.1 1 1 1 1 5 15 20
Switzerland Blue Chip SMI 100908 0.1 1 1 1 1 3 7 5
Taiwan RIC Capped TWRIC 100921 0.1 1 1 1 1 3 7 0.7
UK 100 UK100 100089 0.1 1 1 1 1 3 7 7
US SPX 500 (Mini) SPX500m 110093 0.1 10 1 10 1 3 7 1
US Tech 100 (Mini) TECH100m 110095 0.1 1 1 1 1 3 7 2
Wall Street 30 (Mini) WS30m 110091 1 0.1 1 0.1 1 3 7 9

Access and connectivity

  • LMAX FIX 4.2/4.4, ITCH (market data)
  • LMAX Proximity, cross-connect at Equinix LD4, PoP at Interxion
  • Integrated with leading connectivity providers ‐ more
    • AWS Direct Connect
    • BeeksFX
    • BT Radianz
    • Colt Prizmnet
    • Equinix Cloud Connect for cloud providers
    • FCM-360
    • Fixnetix
    • FluentTech
    • Guavatech
    • ICE/TMX Atrium
    • LiquidityConnect
    • Lucera
    • OptionIT
    • Pico
    • TNSi/NetXpress
    • UltraFX

Brokerage schedule

  • LMAX Exchange London (LD4): MTF Member Brokerage Schedule
    • Schedule operates on a flat fee basis.

    Maker/Taker schedule

    Taker commission ($ per $m) Maker commission ($ per $m)
    1.00 1.00

Closing prices

SPOT FX

  • Streaming
    firm limit order
    liquidity

  • Configurable
    and optimised
    fill rates

  • Price
    improvement
    as standard

Leading pool of institutional liquidity for spot FX

Operating multiple global institutional FX exchanges, LMAX Exchange offers spot FX trading on a central limit order book with streaming, firm limit order liquidity from top tier global banks and non-banks.
LMAX Exchange operates four independent matching engines in London (LD4), New York (NY4), Tokyo (TY3) and Singapore (SG1) ‐ offering deep liquidity and exchange quality execution to funds, banks, proprietary trading firms, institutional brokers and asset managers.

close

Trade execution key facts

  • Transparent price discovery, no ‘last look’ execution
  • Anonymous trading environment
  • Strict price/time priority order matching
  • All orders time-stamped in μs. (receipt to execution)
  • Real-time, streaming full order book market data
  • Credit intermediation available for eligible counterparties
  • Bilateral clearing model

Liquidity access via Bank algos

Access to LMAX Exchange liquidity is also available through some of the leading bank algo execution aggregators, enabling buy side clients to trade on a central limit order book and benefit from transparent, precise execution and lower trading costs:

  • Access the leading institutional pool of firm liquidity ‐ download factsheet
  • Full transparency of market dynamics
  • No pre-trade information leakage
  • No ‘last look’ rejections and no added costs
  • Configurable/optimised fill rate
  • Price improvement as standard
  • Real‐time firm liquidity market data (reference and benchmark execution quality)

Instruments and venue controls

Access and connectivity

  • LMAX FIX 4.2/4.4, ITCH (market data)
  • LMAX Proximity, cross‐connect at Equinix LD4, NY4, TY3 and SG1; Inter-exchange connectivity; PoP at Interxion
  • Integrated with leading connectivity providers ‐ more
    • AWS Direct Connect
    • BeeksFX
    • BT Radianz
    • Colt Prizmnet
    • Equinix Cloud Connect for cloud providers
    • FCM-360
    • Fixnetix
    • FluentTech
    • Guavatech
    • ICE/TMX Atrium
    • LiquidityConnect
    • Lucera
    • OptionIT
    • Pico
    • TNSi/NetXpress
    • UltraFX

Brokerage schedule

  • LMAX Exchange London (LD4): Bank Member Spot FX Brokerage Schedule ‐ more
    • Taker schedule volume discount calculation based upon monthly taking activity on LMAX Exchange (LD4); operates on a back to zero basis
    • Tier 1 Maker discount calculation based upon total monthly making volume executed by Member on LMAX Exchange (LD4) against overall LMAX Exchange (LD4) volume, in conjunction with a Tier 2/3 market share threshold

    Taker schedule

    Monthly volume ($bn) Taker commission ($ per $m)
    0-2 5
    2-5 4
    5-10 3.50
    10-20 3
    20+ 2.50

    Maker schedule

    (Scroll right for full table)
    Maker commission Tier 1
    ($ per $m)    		 Maker commission Tier 2
    ($ per $m)    		 Maker commission Tier 3
    ($ per $m)
    1 0 0

  • LMAX Exchange New York (NY4): Bank Member Spot FX Brokerage Schedule ‐ more
    • Schedule operates on a flat fee basis
    • Business transacted on LMAX Exchange (NY4) will not count towards volume discount thresholds on other LMAX Exchange venues

    Maker/Taker schedule

    Taker commission ($ per $m) Maker commission ($ per $m)
    2.5 1

  • LMAX Exchange Tokyo (TY3): Bank Member Spot FX Brokerage Schedule ‐ more

    Maker/Taker schedule

    Taker commission ($ per $m) Maker commission ($ per $m)
    2.5 0

  • LMAX Exchange Singapore (SG1): Bank Member Spot FX Brokerage Schedule ‐ more
    • Schedule operates on a flat fee basis
    • Business transacted on LMAX Exchange (SG1) will not count towards volume discount thresholds on other LMAX Exchange venues

    Maker/Taker schedule

    Taker commission ($ per $m) Maker commission ($ per $m)
    2.5 1

Clearing and settlement

Trading on LMAX Exchange is facilitated via bilateral clearing between members. The following prime brokers are active on LMAX Exchange: Bank of America NA, Barclays Bank PLC, BNP Paribas, Citibank, Deutsche Bank, JP Morgan, NatWest Markets, Standard Chartered, Société Générale, UBS AG.

Credit intermediation on LMAX Exchange is provided by BNP Paribas and J.P. Morgan.