LMAX Group Granted RMO License by MAS for NDF Trading in Singapore and London

November 22, 2023 - LMAX Group, an operator of institutional exchanges for FX and digital asset trading, has announced that LMAX Exchange Singapore, its subsidiary, has been granted a Recognised Market Operator (RMO) Licence by the Monetary Authority of Singapore (MAS). This licence permits the Group to offer Non-Deliverable Forward (NDF) trading in both Singapore (SG1) and London (LD4).

The introduction of NDF trading by LMAX Group will provide clients with a mechanism to hedge against FX exposure in non-convertible currencies. This will be facilitated through a Central Limit Order Book (CLOB), aiming to provide transparent price discovery, increased liquidity, and an efficient market structure, with the inclusion of real-time, firm limit order market data for all users.

In line with increasing demand from institutional investors for reliable, low-latency trading infrastructure, LMAX Group is expanding its service offerings, focusing on the Asia Pacific region's FX market ecosystem.

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.”

Additionally, Matt DellaRocca, Head of Liquidity and Analytics, APAC, LMAX Exchange, stated, “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 stated that receiving the RMO licence demonstrates LMAX Group’s compliance with MAS's regulatory standards, including stringent practices in compliance, risk management, and corporate governance.