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LMAX Exchange will seek regulation in Ireland unless the UK government preserves the single market access for the capital markets industry

London, 18 October 2016 - LMAX Exchange, one of UK’s fastest growing technology firms and the leading FCA regulated MTF for FX trading, plans to be regulated in Ireland unless the British government preserves the EU single market passporting rights for the financial services industry.

The UK is the world’s FX centre, twice the size of the US market, and accounts for over 40% of the $5 trillion/day global FX industry. The backbone of global trade, the FX market in London depends on regulatory equivalence with the EU. The current uncertainty about the future of single market access for the City of London, means that UK-based firms, such as LMAX Exchange, an FCA regulated MTF and broker, have to seek regulation in EU states.

In the case of LMAX Exchange, the company plans to get regulated in Ireland and further believes that it is inevitable that larger banks, funds and investment managers will do the same.

A breadth of market access is key for LMAX Exchange: the company has clients in over 90 countries today, including 22 of the EU states and current operating presence in the US, Japan, Australia, New Zealand and Hong Kong. The risk of losing access to 25% of the company’s current client base with one signature is significant and one that LMAX Exchange is protecting against - in the absence of any government or regulatory assurance or guidance.

David Mercer, chief executive of LMAX Exchange, said, “The net effect to the economy could be severe with new foreign investment into financial services choosing the EU over the UK, and existing investment and jobs leaving the UK in short order. Furthermore, lost capital markets revenue and associated taxation income could be catastrophic for the UK.

We passionately believe the UK can remain the global hub of capital markets due to geography, history, regulatory framework, existing infrastructure and a highly skilled multi-disciplined workforce but sadly this will not be enough if regulatory equivalence is not maintained.

It is clear that our European counterparts are opportunistically targeting the current UK capital markets franchise and it is vital we proactively address the regulatory passport issue immediately. We urge the government to make this top of their agenda as they consider the timeline to an exit from the single market and provide guidance to our industry as soon as is practicable.”

LMAX Exchange will begin regulatory filings in Ireland in January 2017, if no UK Government assurances are received.


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Media Contacts

For further information, please contact:

Seven Hills:
Tom Nutt T: 44 (0) 7775 686 706 E: Tom.Nutt@wearesevenhills.com

LMAX Exchange:
Barbara Pozdorovkina T: 44 (0) 20 3192 2510 E: press@lmax.com

About LMAX Exchange

Recognised as one of the UK’s fastest growing technology firms for three consecutive years (2015, 2014 and 2013 Sunday Times, Tech Track 100), LMAX Exchange is the leading MTF for FX, authorised and regulated by the FCA. Servicing retail brokers, funds, corporates, asset managers and banks, LMAX Exchange delivers a unique vision for global FX trading - a transparent, neutral, level playing field for all market participants, regardless of status, size or activity levels.

The LMAX Exchange OPEN order book is driven by streaming, no ‘Last Look’ limit order liquidity. LMAX Exchange offers a range of key products, including spot FX, precious metals, commodities and equity indices, with complete pre and post-trade transparency and order execution where no ‘last look’ is standard. Orders are executed in strict price/time priority.

LMAX Exchange – the emerging benchmark 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:

2016, 2015, 2014, 2013 Best FX Trading Venue - ECN/MTF – WSL Institutional Trading Awards more

LMAX Exchange has been awarded The Wall Street Letter Institutional Trading Awards “Best FX Trading Venue - ECN/MTF” for four consecutive years. WSL 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 three 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.