Enables the Group to offer trading of FX NDFs to support growing market demand in Asia Pacific.
LMAX Group, the institutional exchange for trading digital assets and FX, has announced that the Monetary Authority of Singapore (MAS) has granted a Recognised Market Operator (RMO) Licence to its subsidiary, LMAX Exchange Singapore. The grant of the licence will allow LMAX to offer Non-Deliverable Forward (NDF) trading in Singapore (SG1) and in London (LD4).
Clients can now hedge their FX exposure against non-convertible currencies on a Central Limit Order Book (CLOB). Transparent price discovery, efficient market structure, firm limit order market data, deeper liquidity and streaming real-time will now be available to all participants.
LMAX intends to create a more diversified offering for institutional investors. That results from a growth in demand from global clients in the Asia Pacific region for a consistent, low-latency trading infrastructure that will enhance the FX ecosystem.
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David Mercer, CEO of LMAX Group, said:
The Monetary Authority of Singapore is among the most progressive and innovative regulators globally. We look forward to a continued, symbiotic relationship with MAS as we progress our expansion plans and build out our cross-asset product offering in the region for the benefit of local customers and the broader, vibrant, Asia Pacific market.
Matt DellaRocca, Head of Liquidity and Analytics, APAC, LMAX Exchange, added:
As Singapore becomes an increasingly important hub for global FX trading, we are delighted to have the support and recognition from MAS. We continue to expand our product offering to meet growing local demand for transparent price discovery and access to deep institutional liquidity and look forward to strengthening our institutional client relationships across Asia.
The licence grant recognises LMAX Group’s compliance with the principles set out by the regulator. They accord with best practices while upholding stringent conduct around risk management, compliance and corporate governance.
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