LMAX Exchange, the leading MTF for FX, today announced the expansion of its global infrastructure with the launch of its North American matching engine in the Equinix International Business Exchange™ (IBX®) data centre in New York (NY4).
The LMAX Exchange NY4-based matching engine is a new liquidity pool for institutional spot FX trading. Built specifically for funds, asset managers, brokerages and banks, the new exchange enables North American clients to trade on unique, no ‘last look’ limit order liquidity. US clients will further benefit from low latency execution, high fill rates, price improvement as standard and access to real time streaming market data.
With the North American market accounting for over 25% of global institutional FX, the addition of the NY4-based matching engine to the LMAX Exchange infrastructure augments its exchanges in London (LD4) and Tokyo (TY3) and represents a significant milestone in the company’s global expansion.
LMAX Exchange CEO, David Mercer commented:
“Through the global proliferation of exchange style execution for traditionally OTC-traded FX products, such as spot FX, LMAX Exchange is leading the charge towards greater transparency. We are committed to re-establishing trust in global FX markets by delivering precise, consistent execution to all participants, regardless of status, size or activity levels. By using robust and scalable technology we are able to deliver internal exchange latency of less than 100 micro-seconds – this is critical for the demands of institutional traders and liquidity providers worldwide and our extensive client base in over 90 countries.”
Dr. Andrew Phillips, Director of Technical Operations at LMAX Exchange, added: “Equinix’s NY4 data centre is the ideal location for our high performance matching engine which is capable of delivering over 100,000 orders/second. Being in NY4 will provide us with close proximity to major financial institutions in North America to the benefit of our customers and LMAX Exchange.”
Citadel Securities, one of the world’s leading liquidity providers, commented: “We welcome the launch of a New York based matching engine by LMAX Exchange and look forward to working together in delivering consistent and firm liquidity to clients across North America.”
John Knuff, General Manager, Financial Services at Equinix, commented:
“Our goal at Equinix is to protect and connect the critical digital assets of global financial services firms in the world’s top financial centres. We are thrilled to have the addition of the LMAX Exchange matching engine in NY4 to provide customers lower latency and higher performance.” LMAX Exchange has led a revolution in the $5.1 trillion a day global foreign exchange (FX) market. Through harnessing technology, it has changed the way the market operates and pioneered reforms to drive trust in the industry.
First to introduce exchange style trading for spot FX, LMAX Exchange is the world’s leading multilateral trading facility (MTF) for FX, authorised and regulated by the FCA. Its business model is based around solving two key industry problems: the lack of transparency of the true cost of over the counter (OTC) traded FX, and the lack of precise, consistent and reliable FX trade execution.