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Platform speed bumps a ‘marketing ploy’

FX Week, July 2013 – The use of randomisation logic to eliminate the execution advantages gained on foreign exchange trading platforms by some high-frequency traders (HFTs) was denounced as little more than a “marketing ploy” by a group of platforms and technology vendors at FX Week USA. Speaking during a panel discussion, David Mercer and Dmitri Galinov, chief executives of LMAX Exchange and FastMatch respectively, agreed the use of randomisation, which is a central tenet of bank-backed platform ParFX and is also being rolled out on EBS, is unlikely to become widespread.

“I think randomisation is nuts, and it covers deficiencies in existing venues. Technology hasn’t gone anywhere near as far as it is going to. We talk to some of the banks that allegedly would prefer or are involved in randomisation, and they say they want to be done in price-time priority, but sure, if they are losing out to HFTs, then let’s randomise. The banks have caught up a lot with the HFTs. Randomisation is easy to do; it’s trivial technology-wise, but it is a marketing ploy right now, apparently to create fairness. I don’t think it will be the way forward,” said Mercer.

“Typically every market goes through this, where you have primary venues that don’t have good technology,” added Galinov. “They come out with randomisation mechanisms and other things, but ultimately new venues with better technology will show up; they will buy them and they will upgrade their technology, which will benefit all participants.”

Other panellists agreed randomisation is unlikely to spread, and that while ParFX and EBS have argued it creates a fairer playing field, it could tip the balance too far by delaying orders and preventing participants from getting the best out of their technology. Better market surveillance might be a more effective way to tackle latency arbitrage, said Yaacov Heidingsfeld, chief executive of liquidity aggregation technology vendor TraderTools.

“If we can self-police away from latency arbitrage, and get rid of the valueless volume and flow that goes through platforms just because market participants are taking advantage of latency, I think that will go a long way toward creating the fairness everybody is talking about. But people that are faster inherently and can spot market trends more quickly – and certainly that would include some types of HFT – should be allowed to profit and benefit from things like that. It is not knowing which way the market is going first that is the problem; it is taking advantage of those market participants that can’t act fast enough because of infrastructure or technology limitations,” said Heidingsfeld.

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Media Contacts

For further information please contact:

LMAX Exchange (London):
Barbara Pozdorovkina T: +44 20 3192 2510 E: [email protected]

About LMAX Exchange

LMAX Exchange Group is a dynamic, visionary and award-winning financial technology company. Recognised as one of the UK’s fastest growing technology firms, LMAX Exchange is leading the transformation of the global FX industry to transparent, fair, precise and consistent execution. Operating one global marketplace for trading FX, metals, indices and commodities, LMAX Exchange delivers open access, transparency and a level playing field to all market participants.

LMAX Exchange Group offers all clients the ability to trade on LMAX Exchange central limit order book, driven by streaming no ‘last look’ limit-order liquidity from top tier banks and non-bank financial institutions. Servicing funds, banks, brokerages, asset managers and proprietary trading firms, LMAX Exchange offers an anonymous, regulated, rules-based trading environment, order execution in strict price/time priority, and access to real-time streaming market and trade data, enabling all market participants to control execution quality and total trading costs.

Offering a comprehensive range of instruments and ultra-low latency execution, 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.

2023

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Best Cryptocurrency Exchange – Finance Magnates Awardsmore

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Best Crypto Trading Platform – Financial News Awardsmore

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Best Exchange – Hedgeweek European Digital Assets Awardsmore

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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

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Best Crypto Trading Platform – Financial News Awardsmore

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Best Execution Venue – Finance Magnates Awardsmore

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Best Execution Venue – Global Forex Awards B2B more

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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

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

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

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Best Execution Venue – Finance Magnates Awardsmore

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2018 - 2017

Best Crypto Solution Provider – Finance Magnates Awardsmore

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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

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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

LMAX Exchange Group is the holding company of LMAX Limited and LMAX Broker Limited.

LMAX Exchange is a trading name of LMAX Limited, which operates a multilateral trading facility, authorised and regulated by the Financial Conduct Authority (firm reference number 509778) and is a company registered in England and Wales (number 6505809).

LMAX Global is a trading name of LMAX Broker Limited which is authorised and regulated by the Financial Conduct Authority (firm reference number 783200) and is a company registered in England and Wales (number 10819525).

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