The UK’s position as the world’s FX capital was strengthened as LMAX was ranked as the number one firm in the Sunday Times Tech Track 100 league table. The City of London has heightened its position through the notion of technology. The firm’s achievement highlights the UK’s capabilities of competing against regions renowned for technology innovation, particularly in the financial services sector. The firm also saw an increase in trading revenues on the back of stronger operating metrics.
LMAX’s solution has been regarded as a game changer in the e-trading segment, as traders look for transparent mechanism when trading over-the-counter products, a greater emphasis on centrally cleared products being placed on global financial instruments after the G20 Summit of global leaders. LMAX offers users an exchange-traded FX and CFD offering.
The Tech Track 100 recognises innovation in the UK, the annual survey assessing the fastest growing companies across various sectors. LMAX was chosen as the highest-ranked company through its FX trading solution. LMAX offers participants the ability to take advantage of centrally cleared type FX transactions, an approach that is set to alter the OTC derivatives operating environment.
David Mercer, pictured, CEO of LMAX Exchange, said: “To come top of the Tech Track 100 table is tremendous, unbiased confirmation of the outstanding progress LMAX Exchange has made over the past year in delivering a world class FX exchange. This progress has only been possible through the unparalleled quality of our technology combined with the unrivalled expertise of our team.
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LMAX Exchange is the disruptive innovator in foreign exchange trading, and through exchange style execution brings complete transparency and a level playing field to the traditionally opaque OTC traded asset class.”
Organisations recognised in the survey are nominated either through research or nomination and must adhere to a number of guidelines which measure sales, revenue and other aspects. According to the Fast Track website, a typical Tech Track 100 company: is generally owned and run by entrepreneurs, has between 20 and 200 staff, has average 3 year sales growth typically ranging from 40% pa to 300% pa, has sales ranging from £5m – £50m.
Among the 100 firms in the listing, seven were from the world of financial services, however, LMAX was the only firm operating in the financial derivatives segment.
Gold-i, a UK-based technology provider in the retail FX market, develops solutions for brokerage firms. Earlier this year, the firm was recognised for the Queens Award for enterprise.
The merger of technology and financial markets has changed the way financial markets operate, the old trading floors have crumbled in the realm of computers dictating the operations of how markets operate. Most global trading venues offer electronic trading platforms for complete front-to-back trading, the market further evolving to accommodate computers in all aspects of the trading decision, automated trading accounting for 40% of trading volume on the London Stock Exchange, according to industry participants.