LMAX Exchange appointed Daniel Lavigne as head of buy-side sales for Canada. Lavigne brings more than 25 years of buy-side experience, with relationships across the FX market spanning peers, banks and platforms, the exchange said. He joined LMAX Exchange from Ontario Municipal Employees Retirement System (OMERS), where he served as director of trading, responsible for FX trading and products. LMAX Exchange added that Lavigne’s appointment will help improve its global sales and product coverage model as it continues to expand and diversify its suite of global FX trading and liquidity solutions.  

Clear Street hired four trading and execution experts into its UK leadership team as it seeks to bolster its presence in the jurisdiction.  Among the new appointments is Luke Holmes, former head of equity sales, US clients at Kepler Cheuvreux, who joined the firm as managing director, sales trading. Clear Street also named Matthew Cyzer head of markets execution. He joined from TD Cowen Execution Services where he most recently served as chief executive. Also from TD Cowen is Tarquin Orchard who was named global head of event-driven strategies. In addition, Phillip Hylander was appointed managing director, execution, following two years as chief executive of OREGEN Technologies. 

Autonomous, the financial services research business division within Bernstein, appointed two new US bank analysts. Ken Usdin was appointed co-head of the Autonomous US business, covering large-cap banks. He brings 27 years’ worth of experience in equity research, having most recently served at Jefferies. Elsewhere, Casey Haire was appointed managing director to cover US mid-cap banks. Haire brings 20 years’ worth of experience, also joining Autonomous from Jefferies.   

Longfellow Investment Management appointed Allison Goldie as fixed income trader. Goldie joined the investment manager from Morgan Stanley where she spent the last three years. During her tenure at Morgan Stanley, Goldie most recently served as a trader, a position she held for over a year, having previously worked as a portfolio management associate. Elsewhere in her career, Goldie held various portfolio management-related roles at Eaton Vance.  

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Lavigne brings more than 25 years of buy-side experience, with relationships across the FX market spanning peers, banks and platforms, the exchange said.   

He joins LMAX Exchange from Ontario Municipal Employees Retirement System (OMERS), where he served as director of trading, responsible for FX trading and products.   

As part of the new role, Lavigne will report to Franz Schmidpeter, global head of buy-side sales.   

“It’s an exciting time to be joining LMAX Exchange as the business has evolved in recent years to provide a comprehensive global FX offering to buy-side institutions,” said Lavigne.  

“I’m looking forward to leveraging my experience to help strengthen our relationships with institutional clients and continue to enhance the liquidity offerings we provide in the Canadian market and beyond.” 

LMAX Exchange added that Lavigne’s appointment will help improve its global sales and product coverage model as it continues to expand and diversify its suite of global FX trading and liquidity solutions. 

Read more: LMAX Group acquires FX HedgePool 

“Daniel will be a great asset as we expand our buy-side focused liquidity solutions and execution management tools,” said Patrick Bartle, managing director at LMAX Exchange.  

“The combined depth of his experience and strong institutional relationships will be extremely valuable as we build a complete FX offering across our global matching locations.” 

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Libre offers connectivity to LMAX Exchange execution venues worldwide including London, New York, Singapore and Tokyo.

The service also enables improved connectivity management, greater liquidity onto exchanges, as well as a reduction in the time taken to onboard new liquidity providers.

“Across all our exchanges the quality and depth of liquidity are key,” said Daniel Karakanna, head of liquidity management and analytics, EMEA at LMAX Exchange.

“The connectivity with 4OTC’s Libre service will enable more liquidity providers to price on LMAX Exchange execution venues, as well as leverage our distribution scale and global exchange infrastructure.”

According to services provider 4OTC, its offering provides technology which addresses issues faced by liquidity providers, OTC trading desks and exchanges in the FX and digital asset markets.

Libre offers co-located connectivity to various liquidity providers and venues trading digital assets and FX.

“Liquidity providers making firm prices need consistent and predictable low latency and Libre has been architected to match these requirements […] 4OTC is a specialist in ultra-low latency connectivity, which, combined with LMAX’s focus on performance, makes a great match for the Libre service,” said Mark Price, co-founder of 4OTC.

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Foreign exchange (FX) trading firm LMAX Exchange has made two senior sales appointments as it looks to grow its business in Asia Pacific.

Jason Huang has joined LMAX as head of sales for Asia Pacific, based in the company’s office in Hong Kong. Huang has 18 years’ experience in the FX industry, having held senior roles at global brokerage firms including CFH Systems Asia, FXCM USA and FXCM Asia.

Huang will be responsible for overseeing the distribution teams at LMAX, focusing on South East Asia and Greater China, as well as managing client relationships. He reports to Scott Moffat, managing director at the firm in Asia Pacific. 

LMAX Exchange has also hired Shang Lin, who joins the sales team in Asia Pacific as an institutional sales executive. Lin joined the trading firm from Refinitiv, formerly the Financial & Risk business at Thomson Reuters, where she held client and relationship management roles for the FXall division. 

“The build out of our distribution team demonstrates our continued commitment to servicing our Asian client base and growing our capabilities in line with client demand,” said Moffat. “We have identified a genuine need among institutional market participants for order-driven firm liquidity and a growing focus on transparency, precision and consistency in execution.” 

LMAX Exchange CEO, David Mercer, added that the company saw its franchise in Asia Pacific double its volumes over the past year, with steep levels of growth among the institutional community in the region. 

“With our offices in Singapore, Hong Kong, Tokyo, Sydney and Auckland, Asia Pacific will be a key region for LMAX Exchange in 2019 and beyond.” Mercer said. “Having added to our already talented regional team over the past two years, and as the only independent global player for institutional currency trading, we are uniquely positioned to meet the needs of our client base in Asia.”

 In May, LMAX Exchange entered the cryptocurrency industry and launched a crypto exchange institutional investors.Known as LMAX Digital, the company offers trading in various digital assets including Bitcoin, Litecoin, Ethereum, Ripple and Bitcoin Cash.

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The exchange operator developed LMAX Digital, which offers trading of cryptocurrencies like Bitcoin, Litecoin, Ethereum, Ripple and Bitcoin Cash, at the request of its existing institutional client base.

It will operate under similar rules and governance of the LMAX Exchange multilateral facility (MTF), and it will be based on the venue’s existing technology stack.

“We are perfectly positioned to address the gap in the market for a robust physical crypto currency exchange operating with institutional liquidity,” said David Mercer, CEO of LMAX Exchange.

“We’ve applied everything we’ve learned in the institutional FX market to LMAX Digital, to create a fundamentally improved, secure digital exchange based on our proven trading technology, market leading liquidity and transparent and precise execution.”

LMAX Exchange listed the one public rulebook for all members, the central limit order book with streaming and institutional liquidity, and full custodian service as being key differentiators of the crypto exchange.

Mercer added that the rise of institutional cryptocurrencies is a “game-changer” for the industry, and the launch of LMAX Digital will support the migration of cryptocurrencies to the mainstream.

LMAX Digital will first be launched in London with plans to roll out the service to clients in New York and Tokyo in the near future.

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The executive director for e-trading at Standard Chartered in Singapore has departed to join LMAX Exchange in a newly created role.

Quentin Miller has been appointed head of institutional FX for Asia-Pacific and has been tasked with growing the exchange’s client base in the region.

He has extensive FX industry experience having held senior positions at Commerzbank, RBS and JP Morgan in both Singapore and London.

Miller will report to Scott Moffat, managing director for Asia-Pacific at LMAX, who explained the exchange has seen huge opportunity for growth in the region among banks, brokers, funds and asset managers.

“Driven by industry initiatives and regulatory reforms, the market is moving towards firm liquidity as clients require transparency, precision and consistency in execution,” he said.

“Furthermore, only trading on a central limit order book with streaming no ‘last look’ liquidity enables institutional investors to have full control of their trading strategies and their execution costs.”

LMAX added the new appointment will build on its distribution services for institutional clients, including its matching engine in Tokyo, and sales and operational hub in Hong Kong.

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LMAX Exchange has announced it will register in Ireland if the UK government fails to preserve the UK’s access to the single market.

The multilateral trading facility for FX explained the UK is world’s FX centre, accounting for over 40% of the $5 trillion per day global FX industry.

It said the “current uncertainty about the future of single market access for the City of London, means that UK-based firms, such as LMAX Exchange have to seek regulation in EU states.”

LMAX Exchange currently has clients in over 90 countries - including 22 of the EU states – and losing access to the single market could see the exchange lose 25% of its current client base.

David Mercer, chief executive officer at LMAX Exchange, explained the effect to the economy could be severe.

“Lost capital markets revenue and associated taxation income could be catastrophic for the UK,” he added.

LMAX Exchange said it believes the UK could remain a global hub for capital markets, “but sadly this will not be enough if regulatory equivalence is not maintained.”

The exchange plans to begin regulatory filings in January 2017 if no government assurances are received.  

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LMAX Exchange has opted for Metamako’s matching engine monitoring technology amid a redesign of its existing system to monitor foreign exchange data.

The implementation will allow the FX multilateral trading facility to monitor, broadcast and replicate data feeds.

Head of networks and security at LMAX Exchange, Ralf Duken, explained the firm looked at several network device providers, but Metamako could offer “significant improvement” to its existing system.

He said the advantages of using Metamako include “dynamic patching, increased network visibility, more accurate timestamps and a simplified network environment with less cabling.”

Dave Snowdon, CTO at Metamako, added that the technology will allow LMAX to configure their systems remotely from any location.

“This means that they will be more responsive to customer demands, as nodes can be added from anywhere, and reduces the errors which might be introduced through physical rewiring,” he added.

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