LMAX Exchange Group (“LMAX Exchange” or “the Company”), a leading player in global capital markets that operates multiple institutional exchanges for electronic FX trading, including LMAX Exchange, an FCA regulated MTF, today announced the addition of a global credit intermediation solution for spot FX trading.
The solution will benefit regional banks and mid-size financial institutions, who typically have limited bilateral credit relationships with larger global banks active in the institutional FX markets, by facilitating expedited access to LMAX Exchange’s central limit order book liquidity and transparent, precise execution. Leading global banks BNP Paribas and J.P. Morgan are working with LMAX Exchange as credit intermediaries to facilitate spot FX transactions with institutional counterparties in line with individual client requirements.
Roland White, Global Head of Institutional Sales, said: “Adding credit intermediation is another significant milestone in LMAX Exchange’s expanding institutional market offering. We are delighted to be helping regional banks and mid-size financial institutions accelerate access to LMAX Exchange’s unique firm liquidity model and fair, transparent execution. We look forward to growing our global institutional client base across our major regional hubs in Europe, North America and Asia Pacific”.
“We believe that access to firm liquidity is crucial to institutional traders’ ability to control their trading strategies and costs as well as benchmark and assess execution. Benefits of firm liquidity include transparent price discovery, zero hold time, price improvement as standard and lack of pre-trade information leakage that minimizes market impact”.
Nathaniel Litwak, Global Head of FXPB at BNP Paribas, said: “As a major participant in the global FX markets, we are delighted to be working with LMAX Exchange to expand inclusivity in financial markets, which will help to improve market liquidity for our clients and broaden institutional participation in the spot FX market”.
Mike Fox, Head of EMEA FXPB, J.P. Morgan, said: “We are pleased to be partnering with LMAX Exchange to enhance accessibility to their central limit order book for additional market participants”.