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LMAX Exchange Announces a Management Buyout Transaction

London, December 2012 - LMAX Exchange (“the Company”), the leading FSA regulated Multilateral Trading Facility (“MTF”) for FX and metals, announces today that it has successfully agreed a Management Buyout (“MBO”) transaction, subject to FSA approval.

Highlights

  • Management of LMAX Exchange agree to buy majority stake from Betfair.
  • MBO backed by private investors including Betfair co-founder Ed Wray.
  • Betfair to retain a 33% stake in the Company.
  • Company has seen 7 quarters of consecutive growth, and over 20% monthly growth in trading volumes, revenues and client numbers since October 2011.
  • Balance sheet remains strong with a very healthy capital adequacy surplus.

The management team of LMAX Exchange led by CEO David Mercer, along with private investors including Betfair co-founder Ed Wray, has agreed to buy a majority stake in LMAX Exchange from Betfair.

The transaction is a positive milestone for LMAX Exchange, which is 16 months into a fully funded three year business plan.  Since David Mercer took over as CEO in April 2011 the company has seen 7 quarters of consecutive growth.  It has consistently outperformed its growth targets, delivering over 20% monthly growth in trading volumes, revenues and client numbers since October 2011.

LMAX Exchange retains a strong balance sheet.  In compliance with FSA regulations, it continues to hold a healthy capital adequacy surplus, and holds all private client funds in segregated accounts.

Betfair will retain a 33% stake in LMAX Exchange.  Betfair also retains Tradefair, the financial spread betting business, which is a cross-sell product for their existing customer base.

David Mercer, CEO of LMAX Exchange, commented:

“This is an exciting time for everybody involved with LMAX Exchange, including staff, clients and partners.  From the perspective of our customers and MTF members it’s business as usual.  We have demonstrated traction and an ability to perform to the business plan over the last 16 months and we look forward to continuing that momentum.

“LMAX Exchange has clearly benefited from being part of the Betfair group.  However, our new status as an employee-owned company gives the business the required flexibility to rapidly grow and evolve.  We have a clear strategy and roadmap to build LMAX Exchange into a leading FX venue globally in three to five years.”

Ed Wray, Betfair co-founder and LMAX Exchange shareholder, said:

"The LMAX Exchange business has great momentum. As a result, and as a long standing passionate advocate of the exchange model, I am very excited to be part of the team buying the business and look forward to it going from strength to strength in the next couple of years."

About LMAX Exchange

LMAX Exchange is the leading FSA regulated MTF for FX and metals.  Established to deliver the benefits of exchange quality execution, LMAX Exchange offers complete pre and post-trade transparency, precise execution and a level playing field for all market participants.

Customers benefit from superior low latency trading with an average trade execution speed of less than 3ms in over 60 FX pairs and no ‘last-look’ or rejections.

LMAX Exchange offers multiple connectivity options: Direct APIs (.NET, Java), FIX 4.4, leading MT4 bridge providers, Web GUI.

LMAX Exchange - The professional FX exchange*.  www.lmax.com

*LMAX Limited operates a Multilateral Trading Facility (MTF). Authorised and regulated by the Financial Services Authority, Registered No. 509778.

Download the article as a PDF -

Media Contacts

For further information please contact:

LMAX Exchange (London):
Barbara Pozdorovkina T: +44 20 3192 2510 E: press@lmax.com

About LMAX Exchange

Recognised as one of the UK’s fastest growing technology firms, LMAX Exchange is the leading MTF for FX, authorised and regulated by the FCA. Servicing funds, banks, brokerages and asset managers, LMAX Exchange delivers firm liquidity, anonymous exchange quality execution and a secure, transparent level playing field to all market participants, regardless of status, size or activity levels.

The LMAX Exchange open order book is driven by no ‘last look’ limit-order liquidity from top tier banks and non-bank financial institutions. Orders are executed in price/time priority with real time streaming continuous market and trade data published to all members. Offering a comprehensive range of instruments including spot FX, precious metals, commodities and equity indices, LMAX Exchange operates a global FX exchange infrastructure with matching engines in London, New York and Tokyo.

LMAX Exchange - a unique vision for global FX.

Business growth awards:

2016, 2015 Winner – Deloitte UK Technology Fast 50 more

Deloitte UK Technology Fast 50 is a ranking of the 50 fastest-growing technology companies in the UK, based on percentage growth of fiscal year revenues over the last four years. close

2015, 2014, 2013 Fastest Growing Tech Company in the UK – The Sunday Times Tech Track 100 more

LMAX Exchange has been recognised amongst the UK’s fastest growing technology firms for three consecutive years. Tech Track 100, compiled by Fast Track annually and published by the Sunday Times each September, lists Britain’s 100 fastest-growing private tech companies based on sales growth over the last three years. close

2016, 2015 Winner – Deloitte EMEA Technology Fast 500 more

The Deloitte EMEA Technology Fast 500 pre-eminent technology awards program is a ranking of Europe, the Middle East, and Africa's fastest-growing technology companies based on percentage revenue growth over three years. close

2015 Recognised as a Tech City Future Fifty company – Tech City UK Future Fiftymore

LMAX Exchange is part of the Future Fifty programme, focused on accelerating the success of high-growth tech businesses. close

FX industry awards:

2017, 2016, 2015, 2014, 2013 Best FX Trading Venue - (ECN/MTF) – Fund Technology and WSL Awards more

LMAX Exchange has been awarded The Fund Technology and WSL Awards “Best FX Trading Venue - ECN/MTF” for five consecutive years. The awards honour excellence among providers to the institutional trading industry. close

2016, 2015, 2014, 2013 Best Margin Sector Platform – Profit & Loss Readers' Choice Awards more

LMAX Exchange has been awarded The Profit & Loss Readers’ Choice Awards “Best Margin Sector Platform” for four consecutive years. These awards are voted on by the readers and recognise excellence within the foreign exchange industry throughout the previous year. close

2014 Best Infrastructure/Technology Initiative – WSL Institutional Trading Awards more

LMAX Exchange has been awarded The Wall Street Letter Institutional Trading Awards “Best Infrastructure/Technology Initiative” in 2014. WSL awards honour excellence among providers to the institutional trading industry. close

2013 Best Execution Venue – Forex Magnates Awards more

LMAX Exchange has been awarded the Forex Magnates Awards “Best Execution Venue”. The awards are granted to the top firms in their categories and announced at the annual London summit. close

Financial technology awards:

2016 Best Trading & Execution – HFM US Technology Awards more

The HFM US Technology awards recognise hedge fund technology providers that have demonstrated exceptional customer service and innovative product development in the past 12 months. close

2013 Best Overall Testing Project – The European Software Testing Awards more

The European Software Testing Awards (TESTA) recognise excellence and innovation in the software testing and quality assurance across a variety of industries. close

2011 Best Trading System – Financial Sector Technology Awards more

The FST Awards recognise excellence and innovation in the field of information technology within the UK and EMEA financial services sector. close

2011 Innovative Programming Framework – Oracle Duke's Choice Awards more

Oracle’s Duke's Choice Awards celebrate extreme innovation in the world of Java technology and are granted to the most innovative projects using the Java platform. close

LMAX Limited operates a multilateral trading facility (MTF). Authorised and regulated by the Financial Conduct Authority, FCA Registered no. 509778.