STUDY RECORD · last re-checked 2026-09
LMAX Exchange — institutional liquidity provider
LMAX Limited · London, GB · evidence score not yet rated
Licence, read on the register
| Regulator | Licence number | Jurisdiction | Tier | Source |
|---|---|---|---|---|
| Financial Conduct Authority (UK) | 509778 · authorised · checked 2026-09 | GB | tier-1 | open source ↗ |
Tier classification follows the same scale as the retail register: tier-2 means real supervision and client-money segregation, without an investor compensation scheme — never misread it as tier-1 protection.
Claims ledger
Claims specific enough to be falsified — and the ones that remain the venue's own measurement.
Testable claims
Claims we cannot verify from outside
- None recorded in this file.
Perimeter and coverage
| Asset classes | Venues | Connectivity | Clients accepted | Explicitly refused |
|---|---|---|---|---|
| FX: yes, Metals: yes, Indices: yes | not examined | FIX API: yes, itch_market_data: yes, equinix_cross_connect_ld4_ny4_ty3_sg1: yes, drop_copy: yes, bank_algo_aggregators: yes | fund, bank, prop_trading_house, institutional_broker, asset_manager | not examined |
A firm that publishes its own negative space — who it refuses, where it is not licensed — is materially easier to diligence than one that doesn't. The refusal list is treated here as a disclosure, not a defect.