STUDY RECORD · last re-checked 2026-09
LMAX Global — institutional liquidity provider
LMAX Global operates under the FCA's tier 1 regulation, ensuring compliance in the UK. The firm offers liquidity across various asset classes with no 'last look' pricing. However, it is important to note that the firm’s age and specific client restrictions are not disclosed.
LMAX Broker Limited · London, UK · evidence score 81/100
Licence, read on the register
| Regulator | Licence number | Jurisdiction | Tier | Source |
|---|---|---|---|---|
| FCA | 783200 | UK | 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.
What this record teaches
Four reading skills, each anchored to something the firm actually published.
- 01 — Teaching pointLMAX Global operates under FCA tier 1 license, ensuring high regulatory standards.
- 02 — Teaching pointThey provide liquidity across multiple venues including London, New York, Tokyo, and Singapore.
- 03 — Teaching pointInstitutional clients can access a wide range of asset classes including FX and cryptocurrencies.
Claims ledger
Claims specific enough to be falsified — and the ones that remain the venue's own measurement.
Testable claims
- LMAX Global is a trading name of LMAX Broker Limited, authorised and regulated by the FCA as an Investment Firm, FRN 783200 (UK company 10819525) — stated on lmax.com/global/uk
- Global exchange infrastructure based in Equinix LD4, NY4, TY3 and SG1, with downloadable per-venue instrument lists for London (LD4), New York (NY4), Tokyo (TY3) and Singapore (SG1)
- Prices for all LMAX liquidity pools with up to 20 levels of market depth; no 'last look'; VWAP prices for specified order size
- Site states services are not directed at residents of jurisdictions where FX and/or CFD trading is restricted or prohibited
Claims we cannot verify from outside
- 'Tighter spreads' and 'deep institutional liquidity in over 100 instruments' are the firm's own marketing characterisations (instrument count is their published figure)
Perimeter and coverage
| Asset classes | Venues | Connectivity | Clients accepted | Explicitly refused |
|---|---|---|---|---|
| FX spot, Metals, Equity indices, Commodities, Cryptocurrencies, Weekend FX | Equinix LD4 (London), Equinix NY4 (New York), Equinix TY3 (Tokyo), Equinix SG1 (Singapore) | Cross-connect at Equinix LD4/5, NY4, TY3 and SG1, Point of presence at Interxion, AWS Direct Connect, BeeksFX, BT Radianz, Colt, Internet / extranet & hosted service providers | Institutional clients seeking FX/CFD liquidity (brokers, funds) |
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.
Self-check
Answer these before you consider the record read. If you cannot, re-read the licence and the claims ledger — the answers are all in what the firm published.
- What regulatory body oversees LMAX Global's operations as a B2B liquidity provider?
- Which venues does LMAX Global use for its global exchange infrastructure?