The LMAX Exchange Group, an operator of institutional exchanges for electronic foreign exchange (forex) and cryptocurrencies, has reported its financial results for the year ended December 31, 2018.
According to the financial statement, the Group managed to report strong growth and a record financial performance for the year, with gross revenues coming in at $50 million, an increase of 27 percent from 2017.
Gross profit was also up on an annual comparison, rising by 35 percent from 2017’s result to hit $45 million. Operating profit also managed a significant growth of 135 percent year-on-year, at $13.4 million.
The strong results were largely driven by record high trading volumes. During 2018 more than $3 trillion was traded annually across all LMAX Exchange execution venues. This was thanks to increased trading from existing clients, growing market traction in the institutional client segment as well as solid performance in the Asia Pacific region.
Trade Breakouts on the Best Mobile AppGo to article >>
Commenting on the results, David Mercer, CEO of LMAX Exchange Group, said: “We are particularly pleased about the outstanding contribution from our Asia Pacific business, where we grew revenues by 47%. With clients in 100 different countries and 11 offices worldwide, we remain in expansion mode and have built out our multi-hub offering positions to maximise growth potential.”
“We expect this trend to continue and will build on this momentum by investing in our business to expand and deepen our client relationships across the globe, whilst continuing to deliver an optimal experience for the 300-plus funds, banks, asset managers and brokers that make up our global client base.”
LMAX Sees Solid Future in Crypto Space
2018 saw the LMAX Exchange venture into the cryptocurrency space with the launch of its sixth exchange, LMAX Digital. According to the report, the crypto exchange was the fastest growing for the company during the year, which the group believes will continue to grow exponentially in line with the institutionalization of the crypto market.
“As we progress into 2019, we will be placing increased focus on growing business with our global institutional client segment. Following a number of senior high calibre hires in our distribution teams, notably in EMEA and Asia Pacific, we are perfectly positioned to service these clients by convincing them about the quality of our robust, low-latency, transparent execution,” Mercer added.