LMAX Exchange First Institutional Crypto-Exchange, Seeks to Disrupt the Currency Crypto-Trading Environment - The Industry Spread

Karthik Subramanian

Karthik Subramanian has been a professional trader and fund manager over the last 18 years. He is basically a software developer who made the transition to financial domain around 18 years back as the attractiveness of the financial markets proved too much for him. He lives in Chennai in India along with his wife and son. He began his career as a software developer in 1999 and then gradually moved into the financial industry as he began trading stocks in his pastime. He then moved into the financial markets full time and then shifted his focus to the FX markets due to the liquid nature of these markets. Since then, he has been trading FX diligently and his favourite pair are the EURUSD and EURJPY. Over the last couple of years, he has found blockchain to be of high interest and considering his background in software and finance, he has since assembled a team of highly talented developers who have since worked on a variety of projects like crypto exchanges and blockchain architecturing. Now, he balances his time between trading and commenting on both the FX and crypto markets. He has worked with many publications including FX Street and Finance Magnates, which has helped him gain experience and also recognition across the industry. He loves to write and this passion has helped him to reach out across the FX and crypto industry. Right now, he works on his pet projects in the FX and crypto industry and spends his time writing and managing his blockchain team and helping it to reach higher.

LMAX Exchange

LMAX Exchange First Institutional Crypto-Exchange, Seeks to Disrupt the Currency Crypto-Trading Environment

May 21, 2018
David Mercer, CEO of LMAX Exchange
David Mercer, CEO of LMAX Exchange

The London-based foreign exchange venue, LMAX Exchange Group is all set to make big impact on the cryptocurrency market as it will be launching first dedicated cryptocurrency exchange only for institutional clients. The exchange to be known as LMAX Digital will allow institutional clients to trade in five different cryptocurrencies.

The London-based exchange venue which records yearly volumes turnover of $4tn will allow institutional clients to trade and invest in Bitcoin, Ethereum, Ripple, Litecoin and Bitcoin Cash. The cryptocurrencies selected were deemed to be most established cryptocurrencies and has the highest level of liquidity in the market.

Developed at the request of its existing institutional clients, LMAX is introducing its cryptocurrency trading venue to provide the credible, efficient and trusted platform its customers desire.

The new exchange will be launched and confined to LMAX’s London-based data centre and likely to extends its digital infrastructure to Tokyo and New York. Apart from being the only cryptocurrency exchange for the institutional clients, it will also provide a host of benefit to its trader on the platform like it will provide one public rulebook for all members, offer a full custodian solution and provide secure, multi-signature wallets.

Trading will be available on the platform 24 hours a day and the platform will be governed by similar rules and principles as LMAX Exchange’s FCA regulated MTF (Multilateral Trading Facility). This will ensure the best security, compliance, KYC and AML policies and procedures and treated equally regardless of status, size or activity levels. LMAX Group through its cryptocurrency exchange is seeking to outbid the startup exchange whose widespread growth has sparked concerns among the trader community over the security issues and money laundering laws. 

Institutional customers will be able to trade with latency under 350μs and a throughput >100,000 messages/second, with an uptime of 100%. All orders are time-stamped in microseconds.

LMAX Exchange group feels that the new cryptocurrency exchange for institutional clients will encourage banks, asset-management funds, PE firms to enter this lucrative market. 

David Mercer, CEO of LMAX Exchange said:

We are furthering the legitimisation of the cryptocurrency market by offering institutions a platform on which to acquire, trade and hold cryptocurrencies securely with high quality, deep liquidity.

He continued: 

“We are perfectly positioned to address the gap in the market for a robust physical cryptocurrency exchange operating with institutional liquidity. Over $10 trillion of FIAT has been traded on our exchanges to date and we have institutional clients in over 100 countries. We’ve applied everything we’ve learned in the institutional FX market to LMAX Digital, to create a fundamentally improved, secure digital exchange based on our proven trading technology, market-leading liquidity and transparent and precise execution.

“The rise of institutional trading of crypto currencies will be a game-changer for the industry. We believe our new exchange will support the transformation of the crypto market from the fringes to the mainstream. Digital currencies are, without a doubt, coming of age. Exchanges will play a crucial role in bringing the major cryptocurrencies into wider circulation, helping them to become accepted into conventional funds which in turn will help to support a normalisation of value.

“Further to the launch of LMAX Digital in our London-based data centre (LD4) and true to our ambition of becoming the leading exchange in capital markets, we intend to roll out LMAX Digital exchange infrastructure in New York and Tokyo in the near future, to meet demand from our clients globally.”

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