LMAX Exchange announced today its first full year of profitability with reported annual net profits of £0.5 million in 2014. Business activity was also stronger than ever for LMAX Exchange, despite the all-time low volatility in the FX market for the first nine months of 2014.
Further 2014 highlights and year-on-year change:
- Annual trading volumes reached $1.9 trillion, up 73%
- 2,400 active clients, up 60%
- Gross revenues of £26.2 million, up 45%
- Gross profits of £16.5 million, up 80%
The firm says these strong results follow a year of significant investments in growing its sales and operational coverage globally. In 2014, LMAX Exchange opened offices in the US and Singapore, launched an operations hub in Hong Kong and set up a Tokyo-based matching engine, to provide clients in Asia-Pacific with ultra-low latency execution.
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Commenting on the year’s activity, David Mercer, CEO of LMAX Exchange, said: “We have had a hugely successful year, and achieved strong KPI growth in the face of challenging market conditions, cementing our position as a developing force in global FX trading and on the flourishing UK fintech scene.
Through our global expansion, at a time when FX trading is under increased scrutiny, we will continue to exert a positive disruptive force on the industry, transforming the opaque FX market place to a completely transparent and level playing field for all market participants globally.
Our ambition, of course, does not end there and our core focus remains on further expanding our global presence, whilst diversifying our product range to become a leader in global FX.”