LMAX Group, the London-based institutional trading platform, is working with Morgan Stanley and KBW to evaluate strategic options including a sale, SPAC merger, or IPO, with Nasdaq as the preferred listing route. The firm is targeting a valuation of up to $5 billion, representing a fivefold increase from approximately $1 billion in 2021 when J.C. Flowers invested. In January, LMAX received a $150 million strategic investment from Ripple to support RLUSD stablecoin adoption, and launched a 24-hour multi-asset exchange in February.
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