Wall Street Letter, June 2013 - A US-based matching engine may be in the cards for LMAX Exchange, the London-based multi-lateral trading facility for foreign exchange, according to CEO David Mercer.
The company is looking into New York as the location for a new matching engine, he said. “All the major players have matching engines in London and New York,” he added. The company will first build up the business in London to create a solid base, he said, adding the US play would likely be next year.
“We need to be in New York at some stage in the next 12 to 18 months,” he said. The company has been considering such an expansion for a while, factoring the potential expansion into decisions about which data center to use, he explained. “We chose the LD4 data center [Equinix's data center in Slough, UK] because of its cross connection to NY4 [the Equinix data center in Secaucus, NJ].”
The new location would follow the launch earlier this year of the MTF's second venue, LMAX Interbank, which targets bank-only trade matching.
The platform is based on LMAX's existing software and the target audience was, in some cases, already using LMAX Professional, the original platform targeting brokers, fund managers and proprietary firms. After four months in operation, the venue has 15 banks participating, Mercer said.
Traction so far has come from firms that are familiar with the MTF, and the fact that liquidity providers look to connect to major platforms, Mercer said.
Going forward geography will be a big driver of the business and the increase in buy-side institutions using FX as an asset class to support fundamental strategies, he added.
“When they use FX, there's huge liquidity, so right or wrong they're not stuck in a position, can get in and out quickly and there's no limit to size,” Mercer said.
For further information please contact:
LMAX Exchange (London):
Barbara Pozdorovkina T: +44 20 3192 2510 E: firstname.lastname@example.org
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
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
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
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
LMAX Limited operates a multilateral trading facility (MTF). Authorised and regulated by the Financial Conduct Authority, FCA Registered no. 509778.