FX and crypto currency trading institutional execution venues operator LMAX Group reported half a year trading results.
The financial highlights for H1 include:
Gross Profit of $28.9m, up 10% from H1 2019
Statutory EBITDA of $13.5m, up 13% from H1 2019
EBITDA margin of 47%
Total FX trading volumes of $2.3 trillion, up 33% from H1 2019
Total spot crypto currency volumes of $36 billion, up 106% from H1 2019
LMAX Group also reported growth in the institutional FX market with increased trading activity by banks, non-banks and investment managers. Institutional FX volumes increased 66% from H1 2019 and investment manager segment (trading via bank algos) volumes were up 108% from H1 2019.
North America refgistered the highest growth with trading volumes on LMAX Exchange (NY4) rising 165% compared to the first half of 2019.
LMAX’s cryptocurrency exchange LMAX Digital also had strong performance for H1 2020 with trading volumes up 106%. The exchange now works with over 200 global institutions trading crypto currencies in the US, Europe and Asia.
We have seen growth in new large institutional clients around the world trading on our execution venues and the deepening of existing relationships. This is attributed to the quality of the liquidity and execution we offer across exchanges, and the resilience of our technology infrastructure, which has performed well through the pandemic.
We continue to look for ways to revolutionise capital markets, with some notable successes. In the two years since LMAX Digital launched, it has become the leading crypto currency exchange for institutional market participants and has secured its position as the primary price discovery venue. LMAX Weekend FX service, which launched in June 2020, enables market participants to capitalise on FX movements over the course of a weekend, and is already showing early encouraging signs.
We are pleased with these record results, but we remain future focused. Despite the uncertain global economic outlook, LMAX Group remains well positioned to continue on its current growth trajectory. We will achieve this by serving the evolving needs of our clients across the breadth of our unique offering, while making targeted investments in strategic growth opportunities.
Experienced writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.