LMAX Digital, the spot cryptocurrency exchange owned by LMAX Exchange Group, has started publishing its daily trading spot volumes on the exchange’s website.
The firm says that its decision to start publishing its volumes will add greater transparency around real spot volumes traded daily in the industry. The volumes represent all trades based on credit relationships and LMAX Digital Broker is the direct counterparty and acts as principal for every trade executed on the LMAX Digital Exchange.
The data provided on the LMAX Digital website stretches back six months and shows that during this period of time, the average daily volume (ADV) of trades on the platform was $207 million. The highest ADV it has recorded for a full month was $285 million in June and the lowest it has recorded was $163 million in May. So far this month it has recorded an ADV of $156 million. The highest volume of trading in a single day on LMAX Digital was $1.16 billion on June 27.
Jenna Wright, head of LMAX Digital, comments: “We believe that placing LMAX Digital trading volumes in the public domain will enhance the quality of market information available to investors around the world and provide a credible overview of the spot digital currency market. The decision to start publishing daily volumes forms part of our wider market and trade data strategy. LMAX Digital is already providing real-time market data to some of the industry’s leading reference rate indices and is working with further major institutional analytics providers to integrate our real–time volume data feed into these platforms.”
David Mercer, CEO of LMAX Exchange Group, says: “Providing the investment community with access to our trading volume data, in addition to real-time market data, is an important milestone for the industry, and LMAX Digital is proud to lead the way in creating more transparency and enabling a clear picture of the true size of the spot crypto currency market.”
He continues: “Being able to access real-time spot trading volumes, based on deep institutional liquidity from a regulated spot cryptocurrency exchange, will further enhance the quality and accuracy of market information and price discovery. We firmly believe that the real market growth in the industry will come from adding more transparency. Deep, transparent market data, including trade data, enables better price discovery for the institutional market, which in turn develops better liquidity. Institutional investors will represent the lion’s share of the future growth of the industry, we hope this move will go some way to encouraging further growth in traded digital assets.”