A two-year old retail trading platform launched by sports betting exchange Betfair and Goldman Sachs has undergone a management buyout as it looks to build on a 20% monthly increase in trading volumes over the past year.

LMAX, an FX and metals trading exchange owned by Betfair, has been bought for £2.4m by members of its management team, including chief executive David Mercer and Ed Wray, a non-executvie director and Betfair co-founder, according to a statement this morning.