MAX Exchange (London Multi Asset Exchange) is the first MTF for FX, regulated by the Financial Conduct Authority - established to deliver the benefits of exchange quality execution to both buy-side & sell-side trading institutions.
Based in London, UK, LMAX Exchange is a trading name of LMAX Limited which is authorised and regulated by the Financial Conduct Authority as a Multilateral Trading Facility (“MTF”). MTF as defined in the Markets in Financial Instruments Directive (“MiFID”).
LMAX Exchange - delivering exchange quality execution
The "exchange" model is an efficient and cost effective way to trade very liquid products like FX. In an industry currently driven by regulatory reforms, the LMAX Exchange vision is to deliver transparent, neutral, level playing field to all participants in the FX market.
LMAX Exchange - the solution to current FX industry challenges
The LMAX MTF structure and exchange quality execution business model provide the solutions to two key industry challenges:
- Lack of transparency of the true cost of OTC traded FX
- The LMAX Exchange order book is driven only by streaming limit-orders from top tier banks and proprietary trading firms, ensuring that true transaction costs are known.
- Lack of precise, consistent and reliable FX trade execution
- LMAX Exchange order matching is on a strict price/time priority basis with no 'last look' or rejections, providing consistent & reliable trade execution.
LMAX Exchange - institutional FX trading excellence
For broker/dealers, proprietary trading firms, corporates and institutional asset managers, the combination of LMAX Exchange unique business model with trading technology excellence, ensures full pre and post-trade transparency, precision execution and neutrality - helping optimise FX trading strategies.