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Tradefair owners to launch trading system to compete with LSE PDF Print E-mail
Written by Sam Coventry   
Monday, 16 August 2010 11:49

trade fair spread trading

Betfair, the owners of financial spread trading platform Tradefair, are reportedly developing a trading platform that is set to compete with the London Stock Exchange.


Tradefair currently utilises the London Capital Group spread trading platform as a white label partner.

However the new platform will be unique and cater to more trading products. (>> See how Tradefair competes with other major spread trading providers).

Backing the development is investment bank Goldman Sachs Group who have bought a 12.5 percent stake according to the Sunday Times.

The exchange, called LMAX, will allow users to trade “contracts of difference” and has been approved by the Financial Services Authority, the London-based newspaper said.

Betfair declined to comment on LMAX ahead of an expected initial public offering later this year, the newspaper said.

The platform will be one of a growing number of junior exchanges in the City that have sprung up since pan-European regulation opened the market to competition in 2007.

American exchange operator NYSE Euronext launched a London branch in July, aimed at overseas investors who would benefit from a “much broader, more diverse and more liquid investor pool than on many of our competitors”.

Multilateral trading facilities such as Chi-X and BATS have flourished in recent years as profits at the mainstream exchange struggled. The LSE cut 13 per cent of its staff in May in a bid to minimise costs.

The group took a majority share in the Turquoise multilateral trading facility in February, alongside Barclays, Nomura and JP Morgan.
 

Risk Involved

Spread Betting and CFD trading carry a high level of risk to your capital and you can lose more than your initial deposit. These trading products may not be suitable for all investors so seek independent advice if necessary.

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