LMAX Exchange Group separates MTF and broker businesses

On the day that Mifid II goes live, the exchange separates services it offers to comply

A stock exchange screen
LMAX Exchange will cater for institutional investors, while LMAX Global will serve professional traders

Electronic foreign exchange trading venue LMAX has divided its services between a multilateral trading facility for institutional investors compliant with the second Markets in Financial Instruments Directive and a separate broking business geared towards professional traders.

The separation of the two units follows the European Union’s Mifid II regulation coming into effect, which bars an MTF operator from executing client orders against proprietary capital.

As part of the split, LMAX

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