LMAX Exchange is the leading FCA regulated MTF for FX, and a long-time advocate for complete transparency around trading costs and execution quality in the FX market.
LMAX Exchange operates a central limit order book, driven by streaming no 'last look' limit-order liquidity from top tier banks and non-bank financial institutions. Servicing funds, banks, brokerages and asset managers, LMAX Exchange offers an anonymous trading environment and order execution in strict price/time priority, and provides real-time trade analysis tools for monitoring execution quality and calculating trading costs.
For more information regarding the LMAX Exchange FX TCA and fair execution white paper please visit: www.lmax.com/FX-TCA-Transaction-Cost-Analysis
This white paper proposes the blueprint for FX TCA methodology that enables market participants to calculate and compare trading costs across both firm and last look liquidity.