LMAX Group Sees 78% Increase in Gross Revenue in 2021

LMAX Group is a global financial technology company and the leading independent operator of multiple institutional execution venues for FX and crypto currency trading. The group has released its financial results for the year ended 31 December 2021, showing a strong performance.

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• In 2021, the London-based Group's gross profit reached $106 million, jumping 78% from $60 million in 2020.

• In 2021, the statutory EBITDA was $62 million in 2021, jumping 103% from $30 million in 2020. The EBITDA margin reached 58%.

• In 2021, the company's trading volumes came in at $5.4 trillion, up 20% compared to 4.5 trillion in 2020.

• In 2021, LMAX Digital, the institutional crypto currency exchange, operated by LMAX Group, maintained its position as the primary price discovery venue in the market and continued to drive institutional adoption of crypto currencies, delivering over $500 billion in volumes, up 340% on a YoY basis.

• In 2021, gross revenues were 80% higher than 2020 as the group grew its institutional market share in both traditional FX and crypto currency markets, despite volatility and downward pressure on volumes. Earlier this year, Fazzaco reported that LMAX Group and SIX had partnered​ to launch cash-settled, centrally cleared crypto-asset futures.

David Mercer, CEO of LMAX Group, commented: "2021 was a milestone year for LMAX Group as we successfully navigated through challenging global macroeconomic conditions to achieve record volumes, revenues and EBITDA. 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. LLC. 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. 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."