Following up on the news earlier in the day that Betfair was selling 67% of LMAX to management for £2.4 million, Forex Magnates spoke to LMAX Exchange CEO David Mercer for more information on the deal. The big question we had was how the overall valuation of £3.6 million for the company was calculated, being that Goldman Sachs had sold its 12.5% stake to Betfair in March for a reported $10 million? Mercer explained that the two deals were separate, and the Tradefair operation that was previously part of the LMAX unit wasn’t included in the current management buyout.
In its press release, LMAX Exchange indicated that “It has consistently outperformed its growth targets, delivering over 20% monthly growth in trading volumes, revenues and client numbers since October 2011.” Mercer explained that this was compounded month over month growth and that LMAX Exchange currently transacts around $3 billion in average daily volume. He added that FX (which includes Gold and Silver) comprises 95% of trading on LMAX Exchange. Also, he said that they are currently pleased with their Liquidity , spreads, and execution speeds. With the product offering in place the way they want it to be, their current goal is getting more users on board. Mercer explained that this is what was meant in LMAX Exchange statement “Now 16 months into a fully funded 3 year business plan” where they had targeted certain goals for what the product offering should be in terms of liquidity and execution. On the product side, Mercer added that they “haven’t had one second of downtime over the last seven months.”
In response to its current client base, Mercer said that LMAX has “good traction with retail brokers and money managers” and that they are working to increase their work with broker dealers either as the sole STP liquidity source or part of an aggregated feed.
Moving to financials, we asked LMAX for more information about the numbers that were supplied by Betfair in its first half results. Betfair had written “Cash and cash equivalents includes £18.1m of clients funds held and are matched by liabilities of an equal value in trade and other payables." Barbara Pozdorovkina, Head of Corporate Development at LMAX Exchange explained that the £18.1m figure represented the total value of client funds at the end of October, but as of today the number has now risen 30% to £24m. In addition to client funds, Betfair also reported that LMAX Exchange had six month revenue of £1.8m with gross profit of £711k.
Overall, LMAX Exchange is billing the MBO as an opportunity for the future. On this point, David Mercer stated “The future is bright, our job is to continue the trajectory that we have started over the last 16 months as a fully funded company and become one of the premier destinations for trading FX over the next 3-5 years.”
Following up on the news earlier in the day that Betfair was selling 67% of LMAX to management for £2.4 million, Forex Magnates spoke to LMAX Exchange CEO David Mercer for more information on the deal. The big question we had was how the overall valuation of £3.6 million for the company was calculated, being that Goldman Sachs had sold its 12.5% stake to Betfair in March for a reported $10 million? Mercer explained that the two deals were separate, and the Tradefair operation that was previously part of the LMAX unit wasn’t included in the current management buyout.
In its press release, LMAX Exchange indicated that “It has consistently outperformed its growth targets, delivering over 20% monthly growth in trading volumes, revenues and client numbers since October 2011.” Mercer explained that this was compounded month over month growth and that LMAX Exchange currently transacts around $3 billion in average daily volume. He added that FX (which includes Gold and Silver) comprises 95% of trading on LMAX Exchange. Also, he said that they are currently pleased with their Liquidity , spreads, and execution speeds. With the product offering in place the way they want it to be, their current goal is getting more users on board. Mercer explained that this is what was meant in LMAX Exchange statement “Now 16 months into a fully funded 3 year business plan” where they had targeted certain goals for what the product offering should be in terms of liquidity and execution. On the product side, Mercer added that they “haven’t had one second of downtime over the last seven months.”
In response to its current client base, Mercer said that LMAX has “good traction with retail brokers and money managers” and that they are working to increase their work with broker dealers either as the sole STP liquidity source or part of an aggregated feed.
Moving to financials, we asked LMAX for more information about the numbers that were supplied by Betfair in its first half results. Betfair had written “Cash and cash equivalents includes £18.1m of clients funds held and are matched by liabilities of an equal value in trade and other payables." Barbara Pozdorovkina, Head of Corporate Development at LMAX Exchange explained that the £18.1m figure represented the total value of client funds at the end of October, but as of today the number has now risen 30% to £24m. In addition to client funds, Betfair also reported that LMAX Exchange had six month revenue of £1.8m with gross profit of £711k.
Overall, LMAX Exchange is billing the MBO as an opportunity for the future. On this point, David Mercer stated “The future is bright, our job is to continue the trajectory that we have started over the last 16 months as a fully funded company and become one of the premier destinations for trading FX over the next 3-5 years.”
58% of UK Investors Choose Professional Guidance over 'Finfluencers’
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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