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LMAX Exchange, a UK-based non-exchange forex broker and technology provider, reported annual profit of £2.2 million for 2016, in contrast to a loss of nearly £1.4 million in the previous year.
According to the annual report filed with UK’s Companies House, LMAX’s gross profit amounted to nearly £21 billion and the operating profit stood at almost £1.6 billion.
The annual volumes rose 13% over the year, reaching $2.1 trillion. The exchange reported over 5000 active clients who held funds amounting to $150 million.
In his strategic report, LMAX’s director David Mercer said that the overall growth was achieved despite the unfavorable market conditions in H1, compounded by the economic slowdown in China, negative interest rates in Japan, general lack of major economic events and indecision among central banks. In H2 the situation improved, thanks to the market volatility created by the Brexit, the US presidential elections and the second Fed rate hike.
LMAX’s focus for 2017 will be to ensure continued growth from the more recent exchanges in New York and Tokyo, which would help it expand its institutional market presence. It expects a strong revenue growth in 2017 and is position to further increase its market share. The company also expects continued tighter regulation of the forex market players to drive more forex trading onto regulated exchanges like itself.
LMAX Exchange operates in over 90 countries. It 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. In 2016 it launched a New York-based institutional forex exchange and joined trading platform MetaTrader 5 (MT5) as liquidity provider.