LMax Exchange, a UK-based non-exchange forex technology provider expects to close 2016 with a significant profit of several millions, the broker said on Friday without disclosing figures. The first nine months of the year have been productive for the broker and so is the whole year to be.
“Our performance to date in 2016 has been excellent and we fully expect a multi-million-pound profit this year,” said David Mercer, CEO of LMAX Exchange.
In 2015, the company delivered on its core growth objectives, despite a small financial loss. It posted good metrics last year, against a backdrop of reduced credit availability, low volatility, low interest rates and gapping markets following removal of the Swiss Franc peg in January 2015. The broker reported continued growth in institutional client acquisition and margined client funds, further global expansion, product diversification and futureproofing of its exchange technology.
“2015 was a year of growth and investment, as LMAX Exchange went from strength to strength. This was achieved in an unhelpful macro-economic environment,” Mercer said.
LMax Exchange is regulated by the UK Financial Conduct Authority (FCA) and is the first multilateral trading facility (MTF). It offers trading in 70 spot forex pairs, CFDs, bullion, equity indices and commodities. The broker serves retail and institutional clients. It recently launched a New York-based institutional forex exchange and joined trading platform MetaTrader 5 (MT5) as liquidity provider.