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LMAX Exchange Announces Plans for Second Matching Engine in New York

Earlier today the LMAX exchange, the forex multi-lateral trading facility (MTF) operating out of London, Great Britain, announced that it is looking into setting up a matching engine in the United States. 

 
Apparently, the company is considering New York as the location for this matching engine, driven by the market trend of exchanges maintaining engines both in London in New York, two of the world's financial capitals. 
 
“We need to be in New York at some stage in the next 12 to 18 months,” said David Mercer, CEO of LMAX. Technically speaking, this move can be executed sooner, however the LMAX Exchange management team is focused on making its London operations rock-solid, and attracting a sustainable base there before moving on to the new continent. 
 
Mercer then continues to explain that this is not a new idea for the company – on the contrary. It has been left reaping for a while, and a New York expansion has been factored in before. “We chose the LD4 data center (Equinix's data center in Slough, UK) because of its cross connection to NY4 (the Equinix data center in Secaucus, NJ),” Mercer elaborated. 
 
The new matching engine will follow a beaten track – earlier this year a second venue of LMAX's opened doors: the LMAX Interbank, a service for bank-only trade matching. The platform utilizes the existing software of the exchange, and managed to attract 15 participating banks only in four months. 
 
A geographical expansion into the USA will be a significant move forward for LMAX – Mercer believes that business will jump forward and predicts an increase in the number of buy-side institutions that use currencies as an asset class to support fundamental strategies. “When they use FX, there's huge liquidity, so right or wrong they're not stuck in a position, can get in and out quickly and there's no limit to size,” Mercer said.   
 
In my humble opinion, the decreased latency that a second matching engine in New York would grant, will only help LMAX Exchange claim its rightful market share. With the potential it has shown so far, the exchange can only face one direction – straight ahead, and its recent award for “Best Margin Sector Platform” is just a proof of this. 
 
 

About LMAX Exchange

 
LMAX Exchange is the first FSA regulated MTF for spot FX. Established to deliver the benefits of exchange execution to the traditionally OTC traded market, LMAX Exchange is a fundamentally different proposition. LMAX Exchange delivers precise execution, transparent cost of trade and a level playing field for all market participants. Just as on exchange, the trade execution is order-driven against streamed, executable limit orders supplied by the General Members. Clients benefit from superior low latency trading with an average matching speed of less than 3ms in over 60 FX pairs. LMAX Exchange offers multiple connectivity options: Web, Direct APIs (.NET, Java), FIX 4.4 and leading MT4 bridge providers.
 
LMAX Exchange delivers clients the following benefits: unparalleled execution quality; award-winning technology; pre and post trade transparency; strict price/time priority matching; and trading anonymity.
 
LMAX Limited operates a multilateral trading facility. Authorised and regulated by the Financial Conduct Authority (FCA). 
TAGS: forex  forex trading  forex platform  forex latency  forex matching engine 
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