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The unstoppable pace of FX on exchanges

e-Forex, July 2013 - With the incoming regulatory environment favouring centrally cleared products over OTC instruments Frances Faulds looks at how the exchanges are gearing up for continued growth.

LMAX Exchange is the leading MTF for FX, regulated by the FCA. Established to deliver the benefits of exchange quality execution to both buy-side and sell-side trading institutions, LMAX Exchange brings market participants together in an anonymous, order-driven and fully transparent environment.

The exchange style execution model, which is at the core of an MTF concept, is the most effective way to trade liquid products, such as spot FX. Just as on an exchange, orders are matched in price/time priority but trading is still bi-lateral with FX trades cleared through the prime broker network. Furthermore, LMAX Exchange is not a market-maker, and unlike many ECNs, the open order book is driven by streaming, non ‘last-look’ limit orders supplied by our liquidity providers.

To date only LMAX Exchange has launched a truly exchange style trading model. The value proposition focuses on efficiency, fairness, trading transparency combined with ultra-low latency, precise and consistent execution.

David Mercer, CEO of LMAX Exchange, explains that, “The existing client base is mostly institutional and includes broker dealers, proprietary trading firms, money managers and funds.” However, he says “the client demand for transparent, precise, consistent, low latency execution exists across all FX client segments and this is the opportunity that LMAX Exchange is addressing”.

The LMAX Exchange business model is also at the forefront of the regulatory changes that are advocating greater transparency, on-exchange trading and centralised clearing of FX derivatives. LMAX Exchange, though only for spot FX and metals, is leading the industry’s transformation towards transparency. From an execution standpoint, LMAX Exchange already offers on-exchange trading as well as pre- and post-trade transparency. From the clearing perspective, LMAX Exchange technology is set up and enables all three clearing models: prime brokerage, central counterparty (CCP) and centralised clearing through LCH.Clearnet.

In summary, LMAX Exchange addresses key industry challenges, such as the lack of transparency of the true cost of OTC traded FX, and the lack of precise consistent and reliable execution in FX trading. Expansion into other client segments, including the recently launched LMAX InterBank, extension of the global client base and potential diversification into other on-exchange traded FX products are planned.

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Media Contacts

For further information please contact:

LMAX Exchange (London):
Barbara Pozdorovkina T: +44 20 3192 2510 E:

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.

Financial technology awards:

2017 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”. The award honours excellence among providers to the institutional trading industry. close

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

FX industry awards:

2017, 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 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, 2014, 2013 Best FX Trading Venue - (ECN/MTF) – WSL Awards more

LMAX Exchange has been awarded The WSL Awards “Best FX Trading Venue - ECN/MTF” for four consecutive years. The awards honour excellence among providers to the institutional trading industry. 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

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

LMAX Limited operates a multilateral trading facility (MTF). Authorised and regulated by the Financial Conduct Authority, FCA Registered no. 509778.