Statement of commitment to the FX Global Code

London, 5 April 2017 – As the leading FCA regulated MTF for FX, operating a central limit order book with no ‘last look’, LMAX Exchange is committed to serve as the industry’s best practice for transparency and fairness in FX execution and to lead, by example, the positive reforms aimed at restoring trust and integrity in the FX marketplace.

It is from this stance that LMAX Exchange is now the first FX market participant to commit to the upcoming FX Global Code (Code) after we have been assured that the Code will be updated post-publication. Shortly after the publication of the Code on 25 May 2017, we will update our Rulebook with the statement of commitment to the code, to reflect our support and adherence:

“LMAX Exchange (“Institution”) has reviewed the content of the FX Global Code (“Code”) and acknowledges that the Code represents a set of principles generally recognised as good practice in the wholesale foreign exchange market (“FX Market”). The Institution confirms that it acts as a Market Participant as defined by the Code, and is committed to conducting its FX Market activities (“Activities”) in a manner consistent with the principles of the Code. To this end, the Institution has taken appropriate steps, based on the size and complexity of its Activities, and the nature of its engagement in the FX Market, to align its Activities with the principles of the Code.”

In addition to the above stated commitment, LMAX Exchange would also like to highlight that its current Rulebook and operations go beyond the Code, as the LMAX Exchange business model does not permit ‘pre-hedging’ and ‘last look’ practices.

Though LMAX Exchange does not believe that the Code goes far enough, we welcome its introduction as a positive starting point for restoring trust in the FX industry and creating globally consistent guidance.

Throughout our engagement with the BIS FXWG, more specifically our communication with Guy Debelle and David Puth regarding the Code’s draft, we were advocating for eradication of ‘pre-hedging’ and ‘last look’ from the FX marketplace.

So in recent weeks, we were disappointed to learn that, the Code will include wording in Principle 17 that permits both ‘pre-hedging’ and ‘last look’ and more importantly doesn’t outlaw pre-hedging during the ‘last look’ window. Subsequently however, we have been assured that Principle 17 will be reviewed soon after the Code is published, with a more restrictive stance on the use of ‘pre-hedging’ as the likely outcome.

LMAX Exchange looks forward to positively engaging with the process to further strengthen and improve the Code post publication.

Download as a PDF –

Media Contacts

For further information, please contact:

Seven Hills:

Tom Nutt T: +44 (0) 20 7199 6191 E: [email protected]

LMAX Exchange:

Barbara Pozdorovkina T: +44 (0) 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.

2022 - 2021

40 Top Innovators in Financial Markets – TabbFORUMmore

LMAX 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

LMAX 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

LMAX 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

LMAX 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

LMAX 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

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

LMAX 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

LMAX 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

LMAX 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

LMAX 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

LMAX 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

LMAX 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

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

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

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Deloitte UK Technology Fast 50 – Deloitte 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

Deloitte EMEA Technology Fast 500 – Deloittemore

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

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

LMAX 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

LMAX 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

The 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

The 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

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 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).