LMAX Exchange
LMAX Exchange is the leading FCA regulated MTF for FX, and a long-time advocate for complete transparency around trading costs and execution quality in the FX market.
LMAX Exchange operates a central limit order book, driven by streaming no 'last look' limit-order liquidity from top tier banks and non-bank financial institutions. Servicing funds, banks, brokerages and asset managers, LMAX Exchange offers an anonymous trading environment and order execution in strict price/time priority, and provides real-time trade analysis tools for monitoring execution quality and calculating trading costs.
For more information regarding the LMAX Exchange FX TCA and fair execution white paper please visit: www.lmax.com/FX-TCA-Transaction-Cost-Analysis
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TCA and fair execution. The metrics that the FX industry must use.
This white paper proposes the blueprint for FX TCA methodology that enables market participants to calculate and compare trading costs across both firm and last look liquidity.