25th Oct 2010 07:00
25 October, 2010
Betfair subsidiary LMAX announces new trading platform
Betfair Group plc (LSE: BET), the world's largest international online sports betting provider and the world's biggest betting community, announces that LMAX, its FSA-authorised subsidiary, has today launched its exchange platform for online retail financial trading of contracts for difference (CFDs) and foreign exchange contracts (FX). LMAX will initially allow customers to trade CFDs in market indices, fixed income instruments, commodities and FX. Other asset classes will be added to the platform in due course.
LMAX (www.lmax.com) was established by Betfair in 2007 to deploy some of the technology and intellectual property underlying the Group's Exchange Platform in the online retail financial trading sector. Betfair's Betting Exchange has fundamentally changed the sports betting market since its launch in 2000 by allowing its customers to bet at odds sought by themselves or offered by other customers, and by offering customers better pricing and more choice and flexibility. LMAX aims to replicate Betfair's disruptive effect on the sports betting market by deploying a similar technology platform into the market for online retail trading of financial instruments. Betfair has a 73.5% shareholding in LMAX.
For more information contact:
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Media: Tessa Murray Director of Corporate Communications Betfair Tel: +44 20 8834 6794
Powerscourt Rory Godson Paul Durman Roddy Cameron Tel: +44 20 7250 1446
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Investors/Analysts: Mark Brooker Director of Corporate Development Betfair Tel: +44 20 8834 6286
LMAX Simon Southgate Tel : +44 7711 670301
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