Jay, FX HedgePool was acquired by LMAX Group in 2024. Why was it such a good fit?
The fit between FX HedgePool (FXHP) and LMAX Group was as natural as it was strategic. Since founding FXHP in 2019, we had carved out a unique space in the market, focused on solving real structural challenges for the buy-side through innovation, transparency and modern technology. Meanwhile, LMAX Group had built an enviable FX and digital assets business with a reputation for delivering reliable, high-performance execution across a broad range of market participants.
Our strengths were highly complementary: we brought deep expertise in FX swaps, buy-side connectivity and trader workflow solutions, while LMAX Group brought scale, market breadth, industry leading technology and infrastructure, and a robust regulatory footprint. From the outset, the match wasn’t just about expanding the FX offering, it was about reshaping how institutional participants operate and access the market. We’re laser focused on building the leading global cross-asset marketplace.
How important was a shared vision of how to bring about a new FX ecosystem and set new standards for transparency, fairness and efficiency?
That shared vision was the foundation of the deal. Both companies deeply believed in creating a more inclusive and efficient FX marketplace—one that doesn’t just replicate old models with faster technology, but rethinks how markets should work for the modern, institutional trader. Transparency, fairness and efficiency weren’t just buzzwords, they were mutual guiding principles and an alignment of purpose.
Together, with our collaborative approach to product development, we’ve established deep, trusted relationships within the market. With the power of LMAX Group firmly behind this shared philosophy, we are rapidly expanding across FX products and client segments, positioning ourselves as a leader in FX and digital assets as the market matures and regulatory frameworks continue to evolve.
This alignment is why the acquisition wasn’t just about technology or product—it was about combining cultural DNA.
What about the FX HedgePool community and the existing institutional client base of LMAX Group. How have they complemented one another?
The combination of both businesses has ultimately broadened the Group’s institutional reach. FXHP was born out of a deep understanding of the buy-side, their operational pain points, regulatory pressures and the fiduciary obligations they owe to their investors. LMAX Group has long served the needs of banks, brokers, hedge funds and proprietary trading firms, with an expanded buy-side focus that began with its acquisition of Cürex back in 2023.
Bringing the buy-side and sell-side together enables more holistic liquidity solutions, bridging market participants who previously operated in separate silos. It’s helping us close long-standing structural gaps in FX trading, creating enormous potential for unlocking liquidity and delivering tailored solutions that meet the evolving needs of both sides of the market. This combination also strengthens the Group’s position as the go-to venue for institutions managing multi-asset risk—whether in FX or crypto—through a single, secure platform.
The Group has consolidated its FX brands under LMAX Exchange and shifted to a centralised global sales and product coverage model. What benefits does that bring to its proposition and simplifying client access to its entire suite of FX products from your perspective?
By consolidating our FX product suite under the LMAX Exchange umbrella and augmenting the global sales and product coverage model, we removed complexity and added clarity to our client proposition as we continue to build a complete FX offering. The changes are delivering on the overarching Group vision of building the leading cross-asset marketplace – capturing all major client segments, offering a representative multi-asset product suite and ensuring consistent, seamless coverage across the globe.
Aligning the sales and product teams under a single strategy provides the framework to engage with our clients as a solutions-minded partner that’s fully aligned with their unique needs. This ongoing engagement ensures that our solutions evolve in direct response to market demand.
Please tell us a little about your position and the operational role you are playing?
I’m focused on breaking further into the swaps and forwards markets while becoming a highly relevant solutions provider to the buy-side. Forwards and swaps alone account for approximately 75 percent of total FX volumes, presenting a significant opportunity for us to capture. Pair that with the buy-side, which makes up an estimated 20 percent of the total FX market, and it’s clear why these are cornerstones of our FX strategy.
My role sits at the intersection of client engagement, product innovation and commercial strategy. It’s about identifying where the market is headed, shaping products around those trends and ensuring we continue to deliver highly differentiated solutions. Whether we’re building FX solutions or envisioning workflows for digital assets, the common denominator is a relentless focus on simplifying access and making markets work better for the buy-side.
What range of products are you and your team responsible for?
While we are responsible for the FX swaps and forwards product lines, our remit extends beyond that into broader buy-side solutions. We’re focused on leveraging credit intermediation, liquidity access, analytics and workflow solutions to deliver an end-to-end FX ecosystem explicitly designed for the buy-side.
Our products also act as the foundation for enabling the buy-side to participate in crypto markets with the same efficiency they expect in FX.
A deep collaboration with clients has always been an essential ingredient of your product development and success. Do you expect that to continue to ensure your solutions are practical, relevant and truly beneficial?
Absolutely. Our best ideas have always come from listening – really listening – to what clients need. We have always prioritised these needs by focusing on innovative, transparent and efficient execution solutions. We achieve this through a combination of proprietary technology, rules-based trading solutions and a commitment to open access and fair execution for all participants.
We continue to work closely with the world’s largest buy-side firms and liquidity providers to ensure that what we create addresses real pain points. Whether it’s reducing liquidity constraints, simplifying workflows, or enhancing execution quality, our approach is the same: prototype, go-to-market, scale.
Product development begins and ends with the client. At LMAX Group we have a large platform to engage with clients early and often and then move quickly to deliver.
“We believe that innovation in credit, paired with workflow-integrated platforms, will be the single most crucial factor in reshaping liquidity provision over the next decade”
How much potential is there for growing the global client base of the products you are responsible for? What’s likely to be the next focus of your team’s attention when it comes to developing and launching new ones?
The potential is massive. The institutional appetite for efficient, transparent and integrated workflow solutions continues to grow, particularly in the FX swaps space, where traditional models remain costly, restrictive and operationally complex.
In terms of product focus, we’re in the process of delivering a new category-defining service that will solve many operational headaches for clients and ultimately optimise liquidity. It will benefit both the buy-side and the sell-side.
For the first time, buy-side firms will be able to access pricing in full amounts from top-tier LPs, regardless of credit coverage – enabled by credit intermediation. This ensures consistent execution across funds while dramatically reducing operational demands. It will also provide a gateway for the buy-side to engage with our crypto currency trading venue, LMAX Digital.
A lot of developments are taking place in the FX swaps market at present. What are your expectations about how the electronification of these instruments is likely to evolve further over the next few years?
Electronification in swaps is gaining momentum and we believe it’s about to accelerate. The key blockers—credit constraints, legacy workflows and fragmented liquidity—are precisely the challenges our solutions aim to address.
Over the next few years, automation and credit solutions will allow liquidity to flow more freely and efficiently. These advances will not only reshape trading operations but also create unprecedented levels of transparency, thanks to richer market data and more accurate cost analysis. Ultimately, the goal isn’t just to further electronify FX—it’s to reinvent how it’s traded altogether. Technology is ready and the market is finally catching up.
What are your thoughts about the current FX liquidity landscape and the innovation and new thinking that’s going to be required to further democratise liquidity provision and improve access to it which will drive more efficiency and growth of the wider market?
Liquidity access is still constrained by legacy infrastructure and credit limitations. Most participants remain limited to trading within their ISDA networks which keeps the market fragmented. True democratisation means moving beyond bilateral-only models and enabling broader access through intermediated credit frameworks. That’s the philosophy behind our approach. Innovation here isn’t just about speed or cost, it’s about inclusivity and access.
We believe that innovation in credit, paired with workflow-integrated platforms, will be the single most crucial factor in reshaping liquidity provision over the next decade.
Everyone is now talking about next generation technologies like AI, Machine Learning and Distributed Ledgers etc. As someone who is not afraid to embrace new fintech solutions for the trading desk where do you see their impact really start to be felt in FX over the next few years?
The impact of next-gen technologies will be most meaningful where improvements to operational risk, efficiency and execution outcomes can be demonstrated. AI and ML will drive smarter analytics, predictive liquidity tools and trade optimisation. Distributed ledgers offer real potential for simplifying settlement and reducing counterparty risk.
But technology on its own isn’t enough. It must be delivered through infrastructure that’s credible, scalable and trusted by institutions. That’s where we have a unique advantage. Our infrastructure already serves the largest players in FX and crypto. As we continue to invest in credit intermediation and workflow solutions, we’re building the foundation to support the real adoption of these technologies across all client segments.
In what ways do you think the acquisition of FX HedgePool marked a watershed moment in your career?
It’s been the defining transition of my career. FXHP was a startup born out of a simple but powerful idea: to solve credit and workflow challenges to unlock liquidity. Seeing that idea evolve into a market-defining platform—and now a strategic pillar of one of the world’s leading financial technology organisations—has been incredibly rewarding.
That vision now has a global stage. It’s a rare opportunity to take something that a small, passionate team built and scale it with an organisation that shares our ambition to push boundaries. I view this acquisition not just as a milestone, but as a platform for driving our next chapter. At LMAX Exchange, we are committed to ensuring that our solutions establish a new standard for FX and beyond.
In the past you have told us that true innovation requires visionaries and thought leaders who are willing to take a chance and drive change. Do you still have a desire to keep doing this and pioneering solutions which will raise the bar in our industry?
More than ever. I’ve always believed that the best innovations are those that challenge the status quo, not for the sake of being different, but because there’s a better way. Every innovation enables new ideas, which in turn unlocks new solutions.
At LMAX Exchange, we now have the platform, the ambition and the team to deliver true transformation. I’m energised by what lies ahead.
