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LMAX Exchange, a U.K.-based Multilateral Trading Facility (MTF) for global foreign exchange (FX), has launched a new prime brokerage service, LMAX Prime, according to a company statement.
The new service will act as a “prime of prime” service, to “provide retail brokers, hedge funds and asset managers with credit intermediation and bespoke liquidity arrangements with access to multiple venues,” the statement says.
“There has never been more demand for the flexibility and cost advantages of prime of prime services than in the current environment,” says Gareth Bowles, head of LMAX prime sales, in a statement. “As major prime broker banks are either raising capital requirements, dropping smaller clients or exiting the space altogether, LMAX Exchange is perfectly positioned to connect traders with both the needed credit lines and liquidity on multiple execution venues.”
Unlike other prime of prime services that “use third-party plug-ins for risk calculations,” LMAX Prime will use LMAX Exchange’s proprietary technology to integrate the exchange’s “low-latency pre-trade risk management tool with no impact to the quality of the venue’s execution,” the statement says.
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