Operating multiple global institutional FX exchanges, LMAX Exchange offers spot FX trading on a central limit order book with streaming, firm limit order liquidity from top tier global banks and non-banks.
LMAX Exchange operates four independent matching engines in London (LD4), New York (NY4), Tokyo (TY3) and Singapore (SG1) ‐ offering deep liquidity and exchange quality execution to funds, banks, proprietary trading firms, institutional brokers and asset managers.
- Transparent price discovery, no ‘last look’ execution
- Anonymous trading environment
- Strict price/time priority order matching
- All orders time-stamped in μs. (receipt to execution)
- Real-time, streaming full order book market data
- Credit intermediation available for eligible counterparties
- Bilateral clearing model
Access to LMAX Exchange liquidity is also available through some of the leading bank algo execution aggregators, enabling buy side clients to trade on a central limit order book and benefit from transparent, precise execution and lower trading costs:
- Access the leading institutional pool of firm liquidity ‐ download factsheet
- Full transparency of market dynamics
- No pre-trade information leakage
- No ‘last look’ rejections and no added costs
- Configurable/optimised fill rate
- Price improvement as standard
- Real‐time firm liquidity market data (reference and benchmark execution quality)
- LMAX FIX 4.2/4.4, ITCH (market data)
- LMAX Proximity, cross‐connect at Equinix LD4, NY4, TY3 and SG1; Inter-exchange connectivity; PoP at Interxion
- Integrated with leading connectivity providers ‐ more
- AWS Direct Connect
- BeeksFX
- BT Radianz
- Colt Prizmnet
- Equinix Cloud Connect for cloud providers
- FCM-360
- Fixnetix
- FluentTech
- Guavatech
- ICE/TMX Atrium
- LiquidityConnect
- Lucera
- OptionIT
- Pico
- TNSi/NetXpress
- UltraFX
- LMAX Exchange London (LD4): Bank Member Spot FX Brokerage Schedule ‐ more
- Taker schedule volume discount calculation based upon monthly taking activity on LMAX Exchange (LD4); operates on a back to zero basis
- Tier 1 Maker discount calculation based upon total monthly making volume executed by Member on LMAX Exchange (LD4) against overall LMAX Exchange (LD4) volume, in conjunction with a Tier 2/3 market share threshold
Taker schedule
Monthly volume ($bn) Taker commission ($ per $m) 0-2 5 2-5 4 5-10 3.50 10-20 3 20+ 2.50 Maker schedule
(Scroll right for full table)Maker commission Tier 1
($ per $m)Maker commission Tier 2
($ per $m)Maker commission Tier 3
($ per $m)1 0 0 - LMAX Exchange New York (NY4): Bank Member Spot FX Brokerage Schedule ‐ more
- Schedule operates on a flat fee basis
- Business transacted on LMAX Exchange (NY4) will not count towards volume discount thresholds on other LMAX Exchange venues
Maker/Taker schedule
Taker commission ($ per $m) Maker commission ($ per $m) 2.5 1 - LMAX Exchange Tokyo (TY3): Bank Member Spot FX Brokerage Schedule ‐ more
- LMAX Exchange Singapore (SG1): Bank Member Spot FX Brokerage Schedule ‐ more
- Schedule operates on a flat fee basis
- Business transacted on LMAX Exchange (SG1) will not count towards volume discount thresholds on other LMAX Exchange venues
Maker/Taker schedule
Taker commission ($ per $m) Maker commission ($ per $m) 2.5 1
Trading on LMAX Exchange is facilitated via bilateral clearing between members. The following prime brokers are active on LMAX Exchange: Bank of America NA, Barclays Bank PLC, BNP Paribas, Citibank, Deutsche Bank, JP Morgan, NatWest Markets, Standard Chartered, Société Générale, UBS AG.
Credit intermediation on LMAX Exchange is provided by BNP Paribas and J.P. Morgan.