LMAX Exchange operates three independent all-to-all matching facilities in London (LD4), New York (NY4) and Tokyo (TY3) ‐ offering liquidity access and exchange quality execution to funds, banks, proprietary trading firms, brokerages and asset managers.

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  • 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

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)

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

  • 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)
    Monthly overall professional market share (%) Monthly market share for Tiers 2 and 3 combined (%) Maker commission Tier 1 ($ per $m) Maker commission Tier 2 ($ per $m) Maker commission Tier 3 ($ per $m)
    <5 N/A 5 0 0
    5+ <7.5 2 0 0
    5+ 7.5+ 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 1.00

  • 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

Trading on LMAX Exchange is facilitated via bilateral clearing between members. The following prime brokers are active on LMAX Exchange: 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.