A
2026 · Evidence audit
LMAX Exchange — institutional liquidity provider
Licence, read on the register
| Regulator | Licence number | Jurisdiction | Tier | Source |
|---|---|---|---|---|
| Financial Conduct Authority (UK) | 509778 · authorised · checked 2026-09 | GB | tier-1 | open source ↗ |
Tier classification follows the same scale as the retail register: tier-1 = FCA/ASIC/CFTC-class supervision, tier-2 = CySEC/FSC-Mauritius/MFSA-class, tier-3 = offshore registration. A tier-2 licence is genuine supervision without an investor compensation scheme — never misread it as tier-1 protection.
What the firm commits to
Claims specific enough to be falsified — and the ones that remain the venue's own measurement.
B
Claims we cannot verify from outside
Perimeter and coverage
| Asset classes | Venues | Connectivity | Clients accepted | Explicitly refused |
|---|---|---|---|---|
| FX: yes, Metals: yes, Indices: yes | not examined | FIX API: yes, itch_market_data: yes, equinix_cross_connect_ld4_ny4_ty3_sg1: yes, drop_copy: yes, bank_algo_aggregators: yes | fund, bank, prop_trading_house, institutional_broker, asset_manager | not examined |
A firm that publishes its own negative space — who it refuses, where it is not licensed — is materially easier to diligence than one that doesn't. The refusal list is treated here as a disclosure, not a defect.