An LMAX Digital Member is an institution admitted to trade on the LMAX Digital exchange in accordance with LMAX Digital Rulebook, Rule 5 (Membership)
Contract types more
Instruments: BTC (Bitcoin), ETH (Ethereum), LTC (Litecoin), BCH (Bitcoin Cash) and XRP (Ripple) - download instrument list
Member documents more
LMAX Digital Rulebook downloadsave_alt
LMAX Digital Member Agreement on requestmail_outline
LMAX Digital Member Application Form on requestmail_outline
Fee schedule more
Passive Aggressive Free 3bps
Non-committed makers and takers
Traded volume* Passive Aggressive < $100m 2bps 6bps** > $100 < $200m 2bps 4bps > $200m 2bps 3bps
* Traded volume (calculated as passively and aggressively matched orders in aggregate) will be reviewed monthly
Clients, meeting the stated volume discount thresholds, will be rebated monthly on a retrospective basis
Discounts will be applied on a back to zero volume basis
**Commission of 6bps will be levied at point of trade on all aggressively matched orders
Clearing and settlement more
Trading on LMAX Digital is facilitated via bi-lateral clearing between members under Trading Agreements. Settlement takes place on an intra-day basis between members.
LMAX Digital closing prices launch
Volatility bands more
Volatility bands are set per order book and are different for both price makers and takers. The bands reject a participant’s order if, for price makers, the price on order is more than a defined percentage away from their last accepted price. For price takers, the order is compared against the top of book price. Where a volatility band is breached, new orders from that participant will be rejected and an internal approval process is triggered to assess whether the volatility bands must be widened to enable the participant to continue to trade. Please view the Volatility Bands
Order throttling more
LMAX Digital operates real-time monitoring and alerting of the message rates and performance of all orders placed on production systems, on an individual session and aggregate basis. Order per second limits are set per FIX session, which applies for all instructions received over the FIX session. If the limit is breached, the FIX session is disconnected and re-connection blocked for 15 seconds. The default setting is 750 updates per second but can vary for maker participants according to number of instruments and depth priced.
Pre-trade controls more
Clip Size Limits set a maximum order size for each participant. Orders in excess of the clip size limit are rejected.
Working order limits more
Working Order Limits restrict the total unfilled passive order volume that can be submitted ‘per participant’ on each instrument. Orders with volume that will breach the limit are rejected.
Post trade controls more
Net Open Position Limits are set per member. Email alerts are sent at 75%, 85% and 95% utilisation of a participant’s limit. At 95% utilisation all trading is disabled for the member. Typically clip size limits are set to 5% of the credit limit to avoid a breach of 100%.
Kill switch more
Where a participant’s NOP utilisation exceeds 95% they are automatically disconnected and all working orders cancelled. Where a participant breaches their set order update limit, they are disconnected and all orders cancelled. A participant’s activity can be disabled at any point in time by removing their credit limit.
Trade cancellation/ re-rate policy more
Please see Rules 14, 15 in the LMAX Digital Rulebook
Venue capacity more
LMAX Digital performs frequent automated performance tests to ensure systems have sufficient capacity and can continue to meet their performance requirements. These consist of a mixture of targeted microbenchmarks that evaluate the performance of specific aspects of the system, and end-to-end tests that either generate synthetic load or replay production traffic against dedicated test environments.