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CFDs with LMAX
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CFDs with LMAX

  #1 (permalink)
Elite Member
Chicago, IL
 
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CFDs with LMAX

What is this???


CFD Markets | Indices, Commodity, Bonds and Interest rate CFDs | LMAX

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  #2 (permalink)
Quick Summary
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Quick Summary is created and edited by users like you... Add FAQ's, Links and other Relevant Information by clicking the edit button in the lower right hand corner of this message.

 
  #3 (permalink)
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What exactly want you to know, they offer CFDs, Contract for difference - Wikipedia, the free encyclopedia.

Take your Pips, go out and Live.
Luke.
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  #4 (permalink)
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They do some pretty amazing software development and you can find some software dev conference videos and presentations floating around from their message bus guys IIRC.

That is not an endorsement of what they do or sell however, which is OTC derivatives (like all CFD shops).

EDIT: Link...

http://www.infoq.com/presentations/LMAX


Last edited by MXASJ; April 19th, 2011 at 08:08 PM.
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  #5 (permalink)
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MXASJ View Post
They do some pretty amazing software development and you can find some software dev conference videos and presentations floating around from their message bus guys IIRC.

Yup, and on top of that lightning fast execution.

http://www.lmaxtrader.co.uk/about-lmax/awards

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  #6 (permalink)
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anyone trading with them?


Quoting 
LMAX is an innovative trading venue combining the best of a multilateral trading facility (MTF) and a broker. We provide 'on exchange' trading for contracts for difference (CFDs) and foreign exchange (FX). LMAX is also the first CFD and FX platform for retail clients with centralised clearing. LMAX was established by and is majority owned by Betfair, the world’s leading sports betting exchange, and launched in October 2010 after nearly three years of development. LMAX is based in the UK and is authorised and regulated by the Financial Services Authority.


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  #7 (permalink)
Trading Apprentice
Toronto, Canada
 
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I would like hear some comments on LMAX too.

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  #8 (permalink)
Elite Member
Belgium
 
Futures Experience: Advanced
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They just integrated MultiCharts support... It is very RARE to be able to trade CFDs with a quality trading platform (NT or MC)

They received award for their FX+CFD exchange which enables them to offer spreads+commissions at very competitive rates, averaging 0,85 pips all included on EUR/USD, which is about avg Dukascopy spread without commissions!

They also offer free API development kits (usually CFD brokers require funded live accounts for that)

All in all, they seem very dedicated in their quest to obtain FX/CFD leadership in their field.

My questions so far were replied quickly.

If some people have live accounts opened, I'd also like to hear about it.


Last edited by SARdynamite; October 22nd, 2011 at 08:14 PM.
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  #9 (permalink)
Elite Member
Belgium
 
Futures Experience: Advanced
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Ok so I managed to gather feedback from a french automated trading website/forum.

Right now LMAX MultiCharts is a customised MultiCharts for LMAX only (I guess it was a special development to match CFD specific requirements). It is said MultiCHarts is not advertising LMAX as a supported broker yet (I did not check) but might turn it into "default MC" and official broker in the coming weeks.

LMAX MC is free for deposits more than $5000 for year 2011 and then will be leased $60/month (or free if you trade 250 "contracts" and up ... info to be verified, especially how is defined the term "contract" regarding their CFD and FX offer)

Users could not find any truncated features between LMAX MC and regular MC.

Now about performance stuff reported from the LMAX+MC bundle, here's what is reported so far :

- datafeed to be "way more precise than MB Trading one and about half a second in advance"
Video to check here (indeed, sharp constrat can be seen!!)



- historical data integration however is said to need some fixes for now and have some gaps at some points regarding minute data. Hope this is fixed later on.
Historical tick data is said to be better quality (no holes) but not going back too far in # of days on some particular forex pairs

- spreads are said to be "amazing" , "down to 0,2 pips with incredible smoothness"



(this one can definitely impress but market conditions must have been good because they measure their own average weekly spread and it is reporting at 0,5 pips day to day (+ about 0,35 commissions to add / lot). You can find those stats here
http://www.lmaxtrader.co.uk/average-spreads )

- finally live datafeed is said to be much better than the demo one which has "a lot less ticks received" on the platform. So, do not rely on it to get a proper opinion about real trading conditions


Hope this helps. For now, it sounds like a nice appealing rabbit.


Last edited by SARdynamite; October 22nd, 2011 at 10:10 PM.
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  #10 (permalink)
Elite Member
Belgium
 
Futures Experience: Advanced
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Broker/Data: SaxoBank
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Posts: 290 since Dec 2009
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Goldman Sach is the first third-party share-holder.

Liquidity providers are GS, JPMorgan and Optiver
Cleared by LCH.CLEARNET

http://mtf.lmax.com/membership/current-members.html

Supported by big players and cleared, it is much safer for your money than CFD market makers.

To sum it all, it is CFD trading working the same manner as futures and that's innovation in this field.

Margin is 1% of notional value (much lower than any futures broker)
Margin cuts happen at 70% margin.
Leverage is 1:100 for forex and 1:200 for CFD

Commissions are 0,0025% of notional value (so 0,35 pips per side for 10000 lot on EUR/USD at 1.4)

Account can be opened with NO minimum deposit. You can set an account with 0 bucks and put money only weeks after when ready to trade (only initial margin is required so as low as )

They clearly target connaisseur and automated traders, aka liquidity providers before opening up towards a too retail attitude (minimum lot is 10000 since they seek volume and run a commissions model)

Liquidity and therefore spreads will even improve once they get more popular.

++


Last edited by SARdynamite; October 23rd, 2011 at 08:06 AM.
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