Volumes represent all trades based on credit relationships. LMAX Digital Broker is the direct counterparty & acts as principal for every trade executed on the LMAX Digital Exchange. When a fund sells 1 BTC on LMAX Digital Exchange and matches against an Institutional Liquidity Provider, there are two distinct trades. The trade formation is LMAX Digital Broker buys 1 BTC – Fund sells 1 BTC & LMAX Digital Broker sells 1 BTC – Liquidity Provider buys 1 BTC.