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LMAX Exchange Group expands global crypto currency exchange with positive in-principle decision on Gibraltar license

London, 8 March 2019 – LMAX Digital, the institutional crypto currency exchange operated by LMAX Exchange Group, a leading independent operator of institutional exchanges for electronic FX trading and crypto currencies, today announced that it has received an in-principle decision on the firm’s application for a license as a Distributed Ledger Technology (DLT) Provider from the Gibraltar Financial Services Commission (GFSC). An in-principle decision is the final stage of the license authorisation process, where LMAX Digital needs to satisfy the GFSC with respect to one or more conditions before obtaining a license.

LMAX Digital was launched in May 2018 becoming the first crypto currency exchange established by a regulated FX exchange operator and the only deliverable crypto currency exchange dedicated to institutional clients. Based on LMAX Exchange’s proven, proprietary technology, LMAX Digital was built in response to overwhelming demand from existing clients who wanted a credible, efficient and trusted platform with high quality deep liquidity, on which to trade digital currencies with like-minded institutions.

LMAX Digital is governed by similar rules and principles as LMAX Exchange Group’s FCA regulated entities. This ensures the exchange operates with best-of-breed security, compliance, KYC and anti-money laundering policies and procedures, and market participants are treated equally regardless of status, size or activity levels.

The in-principle decision received from the GFSC indicates that upon satisfying the stated conditions, LMAX Digital complies with the nine regulatory principles set out in Gibraltar’s DLT regulations, designed to protect consumers and businesses using digital assets stored or transmitted on distributed ledgers. These regulatory principles include robust risk management processes, effective corporate governance, high standards of customer care, systems and security controls to combat financial and cybercrime, and adopting standards of honesty and integrity.

David Mercer, CEO of LMAX Exchange Group, said: “LMAX Digital was designed to address the challenges that have hindered institutional growth in the crypto currency market, such as fragmented liquidity and a lack of regulation and institutional grade technology platforms. LMAX Digital has filled the gap in the crypto market by providing institutions with a trading platform they trust, with deep liquidity, security of funds, and high performance, proven technology.

“We believe regulatory input is essential for the growth of the crypto currency market. LMAX Exchange Group has always supported regulatory oversight and we work proactively with regulators to help foster a transparent and trusted marketplace for all market participants.

“LMAX Exchange Group operates multiple institutional FX trading venues, which combined have traded over $12 trillion to date, and brought trust, best-in-class technology and transparency to the global FX market. We are very pleased that our efforts to create a more transparent and secure marketplace have been recognised further with this in-principle decision.”

Jenna Wright, Head of LMAX Digital, commented: “The GFSC is leading the way in global regulation of the crypto currency market and their approach mirrors LMAX Digital’s values. The Gibraltar regulator has recognised our role in further diversifying institutional currency markets and we look forward to working alongside them and other regulators to help improve understanding of the methods of trading crypto currencies.

“LMAX Digital launched less than 12 months ago and in that short time, we have been delighted with the positive response from institutional market participants. The number of clients using LMAX Digital has quadrupled since Q2 2018 and trading volumes have grown 126%, resulting in gross revenues also increasing 131%. Having built up a strong institutional following, we are in an excellent position to capitalise on the opening up of crypto currency markets to major global financial institutions.”

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For further information, please contact:

LMAX Exchange:

Barbara Pozdorovkina: +44 (0)20 3192 2510 [email protected]

FTI Consulting: [email protected]

Notes to Editors

About LMAX Digital

LMAX Digital is the institutional crypto currency exchange, run by the LMAX Exchange Group, which also operates several leading FCA regulated trading venues for FX, metals and indices. Based on proven, proprietary technology from LMAX Exchange, LMAX Digital allows global institutions to acquire, trade and hold the most liquid digital assets, Bitcoin, Ethereum, Litecoin, Bitcoin Cash and XRP, safely and securely. LMAX Digital delivers complete transparency, open access and a level playing field for all crypto currency market participants, within a secure and trusted trading environment.

Key differentiators of LMAX Digital include:

  • Trusted, secure trading environment based on LMAX Exchange proven technology
  • One public rulebook for all members
  • Central limit order book (CLOB) with streaming, firm institutional liquidity
  • Safe and secure hot/warm/cold multi-signature wallets
  • Full custodian solution

Key execution facts:

  • Matching latency under 180μs
  • High throughput >100,000 messages/second
  • Superior exchange performance: uptime 100%
  • All orders time-stamped in microseconds (receipt to execution)

LMAX Digital: www.lmaxdigital.com

About the LMAX Exchange Group:

LMAX Exchange Group (LMAX Exchange) is a leading player in global capital markets that operates multiple institutional execution venues for FX and crypto currency trading.

Leading the transformation of the global FX marketplace to transparent, fair, precise and consistent execution, LMAX Exchange has been widely recognised for industry innovation and award-winning proprietary technology. The Group’s portfolio includes LMAX Exchange (FCA regulated MTF), LMAX Global (FCA regulated Broker) and LMAX Digital, the institutional crypto currency exchange.

Servicing funds, banks, brokerages, asset managers and proprietary trading firms, the company offers an anonymous, regulated and rules-based trading environment with strict price and time priority order execution at ultra-low latency. Clients benefit from access to real-time streaming market and trade data, which enables the control of execution quality and total trading costs.

LMAX Exchange operates a global exchange infrastructure with matching engines in London, New York and Tokyo. The company’s institutional client base spans over 100 countries.

LMAX Exchange Group www.lmax.com

LMAX Exchange Group – Awards:

2023

40 Top Innovators in Financial Markets – TabbFORUMmore

40 Top Innovators TabbFORUMLMAX Group CEO, David Mercer has been named, for the second year running in the TabbFORUM 40 Top Innovators in Financial Markets. This second annual list recognises the achievements and influence of 40 outstanding disruptors and difference-makers having the greatest impact at the intersection of finance and technology. close

Best Execution Venue – Finance Magnates Awardsmore

Best Exchange VenueLMAX Group has been awarded Best Execution Venue for 2023 by Finance Magnates at its London Summit Awards ceremony. The awards spotlight and garner attention for leading participants that have excelled across key segments, and are voted by industry peers.close

Best Cryptocurrency Exchange – Finance Magnates Awardsmore

Best Cryptocurrency ExchangeLMAX Digital has been awarded Best Cryptocurrency Exchange for 2023 by Finance Magnates at its London Summit Awards ceremony. The awards spotlight and garner attention for leading participants that have excelled across key segments, and are voted by industry peers.close

Best Crypto Trading Platform – Financial News Awardsmore

Best Crypto Trading PlatformFor the second year running, LMAX Digital has been awarded “Best Crypto Trading Platform” by leading industry publication, Financial News in its Excellence in Trading & Tech Awards. The awards are voted on by a panel of independent judges and senior editorial staff, and celebrate the companies and individuals that stand out for the strength of their businesses in Continental Europe and the UK.close

Best Exchange – Hedgeweek European Digital Assets Awardsmore

Best ExchangeLMAX Digital has been awarded Best Exchange at the Hedgeweek European Digital Assets Awards. The awards provide a unique insight into the most highly-regarded and successful fund managers and service providers in the digital assets space. The awards are voted on by participants in the financial services industry.close

2022 - 2021

40 Top Innovators in Financial Markets – TabbFORUMmore

40 Top Innovators TabbFORUMLMAX Group CEO, David Mercer has been named in the TabbFORUM 40 Top Innovators in Financial Markets, recognised as one of the technology-driven innovators, disruptors and difference-makers having the greatest impact in the sector. close

Best Exchange (Innovation) – Hedgeweek European Digital Assets Awardsmore

Best Exchange HedgeweekLMAX Digital has been awarded the Hedgeweek European Digital Assets Awards “Best Exchange (Innovation)”. The awards are granted to the top firms in their categories and announced at their annual awards ceremony.close

Best Crypto Trading Platform – Financial News Awardsmore

Best Crypto Trading Financial News AwardsLMAX Digital has been awarded the 2022 Financial News Awards “Best Crypto Trading Platform”. The awards are presented to the best-performing providers in their category.close

Best Execution Venue – Finance Magnates Awardsmore

Best Execution VenueLMAX Group has been awarded the Finance Magnates Award “Best Execution Venue” for 2022. The awards are presented to the best-performing firms in their categories and announced at the annual summit in London.close

Best Execution Venue – Global Forex Awards B2B more

Best Execution Global ForexLMAX Group has been awarded the 2022 Global Forex Awards B2B “Best Execution Venue”. The awards are presented to the best-performing providers in their category as voted on by business customers, traders and investors globally.close

Best Execution Venue – Finance Magnates Awardsmore

Best Execution Finance MagnatesLMAX Global has been awarded the Finance Magnates Award “Best Execution Venue” for 2021. The awards are granted to the top firms in their categories and announced at the annual London summit.close

2020 - 2019

Best Cryptocurrency Exchange – Finance Magnates Awardsmore

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

Best Institutional Digital Asset Platform – Profit & Loss Readers' Choice Awardsmore

Best Institutional Profit LossLMAX Digital has been awarded The Profit & Loss Readers' Choice Awards “Institutional Digital Asset Platform”. These awards are voted on by the readers and recognise excellence within the foreign exchange industry throughout the previous year. close

Crossover Award for Best Crypto/Fiat Initiative – Profit & Loss Readers' Choice Awardsmore

Crossover Award Profit LossLMAX Group has been awarded The Profit & Loss Readers' Choice Awards “Crossover Award for Best Crypto/Fiat Initiative”. These awards are voted on by the readers and recognise excellence within the foreign exchange industry throughout the previous year. close

Best Anonymous Matching Platform – Profit & Loss Reader' Choice Awardsmore

Best Anonymous Profit LossLMAX Group has been awarded The Profit & Loss Readers' Choice Awards “Best Anonymous Matching Platform”. These awards are voted on by the readers and recognise excellence within the foreign exchange industry throughout the previous year.close

Best Execution Venue – Finance Magnates Awardsmore

Best Execution Finance MagnatesLMAX Group 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

2018 - 2017

Best Crypto Solution Provider – Finance Magnates Awardsmore

Best Crypto Solution Finance MagnatesLMAX Exchange has been awarded the Finance Magnates Awards “Best Institutional Crypto Solution Provider”. The awards are granted to the top firms in their categories and announced at the annual London summit.close

Best Margin Sector Platform – Profit & Loss Readers' Choice Awardsmore

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

2016 - 2015

Best Trading & Execution Technology – HFM US Technology Awardsmore

Best Trading HFM USThe 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

Best FX Trading Venue (ECN/MTF) – WSL Awardsmore

Best FX WSL AwardsLMAX Group has been awarded The Fund Technology and WSL Awards “Best FX Trading Venue ­ ECN/MTF”. The award honours excellence among providers to the institutional trading industry. close

Deloitte UK Technology Fast 50 – Deloitte more

Deloitte UK 50Deloitte 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

Deloitte EMEA Technology Fast 500 – Deloittemore

Deloitte UK 500The 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

Fastest Growing Tech Company in the UK – The Sunday Times Tech Track 100more

Fastest Growing Sunday TimesLMAX Group 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

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

Tech City FutureLMAX Group is part of the Future Fifty programme, focused on accelerating the success of high-growth tech businesses.close

2014 - 2013

Best Infrastructure/Technology Initiative – WSL Institutional Trading Awardsmore

Best Infra WSLLMAX Group 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

Best Overall Testing Project – The European Software Testing Awardsmore

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

2012 - 2011

Best Trading System – Financial Sector Technology Awardsmore

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

Innovative Programming Framework – Oracle Duke's Choice Awardsmore

Innovative Programming OracleOracle'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
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