LMAX Group Reports Record Results
Posted by Colin Lambert. Last updated: November 3, 2022
LMAX Group has reported record results for 2021, with gross profit up 78% from 2020 to $106 million. The firm says it recorded growth across all business lines as a result of strengthened distribution capabilities and global infrastructure, particularly in EMEA and Asia Pacific.
The group’s crypto initiative, LMAX Digital, saw volume reach over $500 billion in 2021, part of $5.4 trillion executed on the group’s venues over the year. Although the firm does run a Weekend FX service, this suggests an average daily volume of $19.5 billion per day in spot FX. This would be in the region of a 12% increase on 2020 ADV, which would put the platform towards the top in terms of year-on-year performance with all other platforms to report data – with the exception of FXSpotStream and Integral, who both report volume across all products – seeing a decline from 2020 to 2021.
“2021 was a milestone year for LMAX Group as we successfully navigated through challenging global macroeconomic conditions to achieve record volumes, revenues and EBITDA,” says David Mercer, CEO of LMAX Group. “This strong performance was the result of years of investment in our market-leading proprietary technology and efforts to diversify our product offering and geographic reach, establishing a robust ‘business for all seasons’.
“During the year, our unique business model was vindicated with the sale of a 30% stake to leading private investment firm, J.C. Flowers & Co,” he continues. “We continued to grow our share of both the institutional FX and crypto market and saw a meaningful increase in adoption of crypto assets by institutions, with more than 600 now actively trading on LMAX Digital.
“LMAX Group is at the forefront of advancing the convergence between digital assets and traditional capital markets,” he concludes. “As we look ahead, we are confident that with continued market evolution, combined with our commitment to invest in future growth and operational infrastructure, we are on track to achieve our strategic objective of becoming the pre-eminent venue for all institutional FX and crypto currency trading.”