LMAX Exchange Group Plans On Launching An Institutional Cryptocurrency Exchange
LMAX Exchange Group, a dynamic, disruptive and award-winning financial technology company, which operates a UK Financial Conduct Authority (FCA) regulated FX trading venue. It recently announced that a physical cryptocurrency exchange dedicated to serving only institutional customers. The firm states that it has developed LMAX Digital after it has been requested by its current clients who asked for a credible, efficient and trusted platform to trade with like-minded institutions.
The new LMAX Digital will only offer access to the most liquid cryptocurrency assets that include BTC, ETH, LTC, XRP, and BCH, 24/7. The company details that trading is governed by similar rules and principles as LMAX Exchange’s FCA regulated MTF (Multilateral Trading Facility), that means that the exchange offers the same level of security, compliance, KYC and anti-money laundering policies and procedures as its established operations.
Also, other features of this new service include keeping one public rulebook for all members; a central limit order book (CLOB) with streaming, firm institutional liquidity; safe and secure hot/war/cold multi-signature wallets; and full custodian solution. Execution details include a matching latency of under 350 microseconds; a high throughput greater than 100,000 messages per second; an uptime of 100 percent; and all orders time-stamped in microseconds (receipt to execution). After the launch of the LMAX Digital in a London-based data center (LD4), the organization plans to roll out infrastructure in Tokyo and New York City in the future.
David Mercer, the CEO of LMAX Exchange stated that “We are furthering the legitimization of cryptocurrency market by offering institutions a platform on which to acquire, trade and hold cryptocurrencies securely with high quality, deep liquidity.”
He also added “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.”
Mr. Mercer concluded by noting that “The rise of institutional trading of cryptocurrencies 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 normalization of value.”
