Betfair said it remains fully committed to financial trading platform LMAX, despite the departure of chief executive Robin Osmond.

In a statement, a company spokesmand said, 'It is an exciting start-up business in its early stages of development that we believe, through its unique platform, offers retail traders a completely different experience to any other retail financial trading outlets.'

Osmond was previously head of corporate equity capital markets at JP Morgan and was previously co-head of global investment banking for Europe, Middle East and Africa at HSBC. He has also held senior roles at Morgan Stanley.

LMAX made an earnings before interest, tax, depreciation and ammortisation loss of £2.4 million for the six months to 31 October 2010, according to Betfair results. However, the financial trading platform was only launched to the wider market on 25 October.

The company was established in 2007 by Betfair and received Financial Services Authority approval last year. Goldman Sachs also took a 12.5 per cent stake in the company during 2010.