London based FX and digital assets institutional execution venue operator LMAX Group has released a summary of its operating and financial figures for both full year 2025, as well as first half 2026, with each period producing record results for the company.

LMAX 2025 results

To begin chronologically with 2025, LMAX reported:

• Record trading volumes of $8.2tn, up 28% from $6.5tn in 2024
• Adjusted gross revenue of $112m, up 4% year-on-year
• Adjusted EBITDA of $25m, up 11% year-on-year
• Cumulative traded volumes surpassed $50tn

LMAX H1 2026 results

Moving on to the more recent first half of 2026, LMAX didn’t publish its revenues for the period, but other metrics it did release certainly point toward continued profitable growth for the group.

• Adjusted Gross Profit of $75m (+51% YoY)
• Adjusted EBITDA increased to $33m (+162% YoY) – greater than 2025’s entire EBITDA of $25m
• Group trading volumes of $5.3trn (+36% YoY)
• FX volumes up 37% YoY
• Record half-year volumes: $5.3trn in 1H-26, up 23% from the previous record of $4.3trn in 2H-25
• Record daily volumes: $74.2bn on 3 March 2026, up 24% from the previous record set on 9 April 2025
• Record half-year ADV: $41bn, up 26% from the previous record in 2H-25

Strategic highlights

The first half of 2026 saw record performance by LMAX Group, supported by heightened market activity and volatility in 1Q-26, with performance normalising as expected in 2Q-26. The results reflect the strength of the Group’s diversified revenue model and continued investment in key strategic growth initiatives, including broader institutional distribution and an expanded product suite across FX and digital assets. This diversification provides greater resilience across economic cycles and a strong foundation for continued growth.

Commenting on the results, David Mercer, CEO, LMAX Group, said,

“We delivered record performance in the first half of the year and entered the second half with strong momentum. These results demonstrate the strength of our proposition and growing institutional demand for a complete cross-asset marketplace spanning FX and digital assets. As markets evolve towards 24/7 trading, we are focused on leading this shift by combining the technology, liquidity and distribution institutions need to trade and move capital seamlessly across asset classes, around the clock.”

About LMAX Group

LMAX Group is the leading global cross-asset marketplace, powering the fusion of traditional and digital finance through trusted technology. Operating multiple institutional execution venues and providing access to custody and market data services for FX and digital assets, LMAX connects the world’s largest and newest asset classes via seamless, transparent and regulated infrastructure. The Group’s portfolio includes LMAX Exchange (institutional FX exchange, FCA regulated MTF and MAS regulated RMO), LMAX Global (FCA and CySec regulated brokers) and LMAX Digital (GFSC regulated execution venue and custodian).

Serving funds, banks, asset managers, retail brokerages and buyside institutions in over 100 countries, LMAX designs, builds and operates its own high-performance, ultra-low latency exchange technology with matching engines in London, New York, Tokyo and Singapore. Combining deep expertise in FX with digital asset innovation, LMAX provides the trusted foundation on which the next generation of global markets will operate.