David Mercer
David Mercer

LMAX Exchange. Exchange style trading for spot FX

LMAX Exchange is the first 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, 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...continued

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