The Full FX Disruptor Series – with LMAX Group
Posted by Colin Lambert. Last updated: December 9, 2025
In the latest in the disruptor series, David Mercer, CEO of LMAX Group, and Colin Lambert, publisher of The Full FX, go on a journey through the FX and crypto industry, resulting in the inevitable conclusion (to the latter at least, the former has always believed it) that the two continue to inexorably converge, but in some surprising ways.
In a fascinating discussion (at times debate!), Mercer throws light on what it will take for the larger institutions to play a greater role in the digital assets space – and the role FX markets will play in that transition – as well as on why crypto natives are wrong about the fiat world.
The two also discuss the buy side’s evolving relationship with both fiat and digital worlds, the potential role (and obstacles) facing stablecoins. Mercer has what is in some ways a surprising observation on what happened over the past volatile year in FX – he also stresses the need for pragmatism at LMAX Group as it seeks to complete both its FX and digital assets offerings.
