LMAX Group Obtains RMO Licence in Singapore to Offer FX NDFs

LMAX Group, a global financial technology company and the leading independent operator of multiple institutional execution venues for FX and crypto currency trading, announced today that it has obtained a Recognised Market Operator (RMO) Licence from the Monetary Authority of Singapore (MAS). The new license will allow its subsidiary, LMAX Exchange Singapore, to provide Non-Deliverable Forward (NDF) trading in Singapore and London.

According to the Group, the introduction of NDFs will enable customers to hedge their FX exposure against fluctuations in non-convertible currencies on a Central Limit Order Book (CLOB), as well as offering 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 stated that the company is committed to building an increasingly diversified offering to support growing demand from institutional investors for consistent, low-latency trading infrastructure, enhancing the FX ecosystem for global clients operating across Asia Pacific.

At the end of last month, the Group completed the acquisition of the FX business of Cürex​, a New York City‐based institutional FX execution services and data analytics company, further boosting its varied institutional FX offering for clients.