Spotware's cBridge has connected brokers to LMAX Group's perpetual futures liquidity, the two firms said today (Monday). The arrangement routes an institutional product advertised at up to 100:1 leverage into the MT4, MT5 and FIX API plumbing that retail brokers already run.
LMAX supplies perpetual futures across more than 20 markets, trading around the clock with funding every eight hours, according to the announcement. Contracts settle in fiat, and the firm accepts collateral in either fiat currencies or stablecoins.
The Leverage Figure Depends on Where the Broker Sits
ESMA told firms in February that the commercial label carries no weight for classification purposes. Perpetual futures meeting the definition of a contract for difference fall under EU CFD rules, the regulator said.
That brings leverage caps, risk warnings, margin close-out requirements, negative balance protection and a ban on trading incentives. For crypto the retail ceiling is 2:1, against the 10x some venues had been offering.
The announcement names no jurisdictions and does not say which client categories can access the feed. LMAX launched its 100x perpetual contracts in September 2025 for institutional traders.
ESMA added that firms are prohibited from participating in activity aimed at circumventing product intervention measures.
LMAX Keeps Opening Routes Into the Broker Stack
The cBridge deal is the latest of several distribution channels LMAX has built for the product rather than a first move into broker connectivity. It integrated with Gold-i to reach that firm's technology network.
It also adopted MetaQuotes' Ultency for institutional MT5 clients while widening the perpetuals range. cBridge now sits alongside both as a third way in.
The underlying product has grown past crypto. LMAX added gold perpetuals offering XAU/USD around the clock and through weekends.
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"Providing connectivity through cBridge broadens institutional access to our growing cross-asset product suite," said Jenna Wright, Managing Director of Digital Assets at LMAX Group.
What the Bridge Layer Contributes
cBridge handles price aggregation, order routing, execution, exposure monitoring and reporting from a single environment. It is platform agnostic and charges a fixed monthly fee rather than billing on traded volume.
Through cBridge and LMAX, "brokers can add perpetuals to their product range using the infrastructure they already have," said Alexis Droussiotis, co-General Manager at cBridge.
The distinction matters for how brokers book the product. Perpetuals, CFDs and dated futures carry different treatment despite similar economics.
Brokers in the EU taking this feed will be offering it inside the CFD rulebook ESMA described in February, not alongside it.
