LMAX Group Granted RMO License by MAS

LMAX Group, a global fintech company and leading independent operator of multi-institutional execution venues for FX and cryptocurrency trading, announced that it has been granted a Recognized Market Operator (RMO) license by the Monetary Authority of Singapore (MAS). The new license will allow its subsidiary, LMAX Exchange Singapore, to offer Non-Deliverable Forwards (NDF) trading in Singapore and London.

According to the group, the launch of NDFs will enable clients to hedge their exposure to FX against fluctuations in non-convertible currencies on a Central Limit Order Book (CLOB) and provide transparent price discovery, deeper liquidity, and efficient market structure, streaming real-time, firm limit order market data to all participants.

David Mercer, CEO of LMAX Group, commented: "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 for APAC of LMAX Exchange, said: "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." 

LMAX Group said it is committed to building an increasingly diverse range of products to support the growing demand for consistent, low-latency trading infrastructure for institutional investors and to enhance the FX ecosystem for its global clients operating in the Asia-Pacific region.

At the end of last month, LMAX Group completed the acquisition of the FX business of Cürex, a New York-based institutional FX execution services and data analytics company, further enhancing the diverse institutional FX services offered to clients.