What Curex Group does

Curex Group is a New York-based financial services holding company focused on institutional execution services and data analytics, operating primarily through its LMAX Group subsidiary. Founded in 2009 with 51-100 employees, Curex Group owns and operates LMAX Exchange, an institutional FX exchange that runs a central limit order book with streaming firm liquidity from top-tier global banks and non-banks. The exchange infrastructure is dual-regulated: LMAX Limited operates an FCA-authorized Multilateral Trading Facility (firm reference 509778) in the United Kingdom, while LMAX PTE. Limited operates as a MAS-regulated Recognised Market Operator (registration 201401552M) in Singapore. Global matching centers in London (LD4), New York (NY4), Tokyo (TY3), and Singapore (SG1) deliver cross-region low-latency execution with internal matching latency under 50 microseconds and processing capacity of 800,000 peak orders per second.

The product surface spans Spot FX, FX NDFs, FX Swaps, an FCA-regulated MTF venue, Bespoke Liquidity solutions, Market Data, Analytics, and FX Transaction Cost Analysis services, all delivered to institutional members on a single technology platform. Revenue is generated primarily through exchange transaction fees on volume traded across these venues, with adjacent revenue from data and analytics services. The customer base is horizontally segmented across investment funds, global banks, proprietary trading firms, institutional brokers, and asset managers, all of whom access the platform via membership. The firm has raised approximately $45 million across four disclosed funding rounds from 2009 through 2019 and operates without a public listing or disclosed parent company.

The go-to-market is enterprise field sales to institutional FX desks, with marketing support through content (LMAX Exchange Blog), professional social channels (LinkedIn, Twitter/X), and video (YouTube), complemented by regulatory credibility positioning through the firm's Statement of Commitment to the FX Global Code.

Name

Curex Group

Legal name

LMAX Group

Website

https://curexgroup.com

Company type

Private

Founded year

2009

Operating status

Operating

Headcount range

51–100 employees

Short description

Curex Group is a financial services holding company that operates LMAX Exchange, an institutional FX exchange running a central limit order book for funds, banks, proprietary trading firms, brokers, and asset managers. Revenue is generated through transaction fees across Spot FX, NDFs, swaps, and data services.

Ownership category

akta.pro rank

Product category

Institutional FX Exchange

NAICS

Securities and Commodity Exchanges (523210), Securities and Commodity Contracts Intermediation and Brokerage (5231)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

FX Electronic Trading Platforms (Spot/Forwards/Swaps) (FSAFANAC)

akta.pro secondary industry

FX Matching & Aggregation Venues (Liquidity Aggregators) (FSAFADAH)

Keywords

• Institutional FX exchange
• Multilateral trading facility
• Central limit order book
• FX transaction analytics
• Electronic FX trading

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Technology or R&D, Infrastructure, Personnel, Operations, Marketing or Sales

Revenue model

1. Exchange Transaction Fees: Revenue generated from trading fees on the institutional FX exchange, including Spot FX, FX NDFs, and FX swaps executed on the central limit order book

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Curex Group operates institutional FX exchange and execution services via LMAX Exchange, providing Spot FX, FX NDFs, FX swaps, bespoke liquidity, market data, analytics, and FX transaction cost analysis on a central limit order book with ultra-low-latency proprietary matching technology. The platform serves funds, banks, proprietary trading firms, institutional brokers, and asset managers through FCA-regulated MTF and MAS-regulated RMO memberships. Revenue is generated from transaction fees on FX trades executed on the exchange.

Product overview

LMAX Exchange is an institutional FX exchange platform that operates as part of the LMAX Group. It provides a unified trading infrastructure with multiple products including Spot FX, FX NDFs, FX Swaps, LMAX MTF (Multilateral Trading Facility), and Bespoke Liquidity. The platform is complemented by market data, analytics, and FX TCA (Transaction Cost Analysis) services. The core offering is built on proprietary ultra-low latency technology with global matching centers in London, New York, Tokyo, and Singapore. The exchange is regulated by the FCA and MAS.

Differentiator

Problem solved

Functional benefit

Products and services

• LMAX Exchange Institutional FX exchange delivering efficient market structure and transparent, precise, consistent execution to market participants including funds, banks, proprietary trading firms, institutional brokers, and asset managers. Operates multiple global institutional FX exchanges with central limit order book and streaming firm limit order liquidity.
• FX NDFs Non-deliverable forward FX contracts trading on LMAX Exchange for institutional participants.
• FX Swaps FX swap trading capabilities on LMAX Exchange for institutional participants.
• LMAX MTF FCA-regulated Multilateral Trading Facility offering exchange-quality execution for institutional FX trading.
• Bespoke Liquidity Customised liquidity solutions tailored to specific institutional trading requirements.
• Market Data Access Real-time market data services providing firm limit order liquidity market data for exchange participants.
• Analytics Trading analytics and insights services for institutional market participants.
• FX TCA (Transaction Cost Analysis) Transaction cost analysis services for FX trading to measure and optimize execution quality for institutional clients.
• Spot FX Spot foreign exchange trading on LMAX Exchange's central limit order book with streaming, firm limit order liquidity from top tier global banks and non-banks.

Quantifiable outcome

• Configurable fill rate up to 99%
• +3 more outcomes

Segments5 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Scale indicators5 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• EBS (CME Group): EBS is the longest-running institutional FX electronic trading platform, operated by CME Group. It directly competes with LMAX Exchange in spot FX on a central limit order book serving banks, funds, and prop firms.
• Refinitiv FX (LSEG): Refinitiv FX operates FXall and Matching, two major institutional FX venues under LSEG. It directly competes with LMAX in providing CLOB and RFQ-based FX execution to institutional clients globally.
• CBOE FX: CBOE FX (formerly Hotspot) operates an institutional FX ECN with central limit order book execution. It is a direct competitor to LMAX, serving banks, funds, and prop trading firms with similar low-latency matching.
• FXSpotstream: FXSpotstream is a multibank FX trading platform providing aggregated liquidity from major banks. It competes with LMAX by serving institutional clients seeking streamed bank-side liquidity for FX execution.
• Euronext FX: Euronext FX (formerly FastMatch) operates an institutional FX matching platform using CLOB technology. It directly competes with LMAX Exchange in serving funds, banks, and prop firms with low-latency FX execution.

Broad incumbents

• Tradeweb FX: Tradeweb is a major institutional electronic trading operator across rates, credit, and FX. Its FX platform competes with LMAX in institutional FX execution, though Tradeweb operates across many asset classes beyond FX.
• 360T (Deutsche Börse): 360T is Deutsche Börse's institutional FX trading platform. It competes with LMAX in serving institutional FX clients globally, though as part of a broader exchange operator's product suite.
• Bloomberg FXGO: Bloomberg FXGO provides multibank FX execution and analytics to institutional clients via the Bloomberg Terminal. It competes with LMAX's institutional FX offering while leveraging Bloomberg's broader terminal ecosystem.

Others

• CLS (CLS Bank): CLS operates the largest multi-currency FX settlement system. While not a direct trading venue, CLS provides critical post-trade FX infrastructure that complements LMAX's execution services and serves overlapping institutional clients.

Emerging players

• Integral (formerly Newedge/FCM): Integral is an institutional FX technology provider offering Prime-of-Prime and execution technology. It competes with LMAX in serving institutional FX clients with technology-driven execution, though with a different delivery model.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/CurexFX
• YouTubeyoutube.com/user/lmax?sub_confirmation=1
• LinkedInlinkedin.com/company/lmax-exchange

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries3 records

Funding overview

Funding rounds5 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Curex Group