ParFX Prime Goes Live with First Trade

ParFX Prime operates on a post-trade disclosed basis, in which the executing broker, prime bank and prime client are required to reveal their identities after the trade has been completed. The service incorporates ParFX's randomization technology, which assigns pauses to the trading process in order to minimize the impact of predatory trading strategies. Citi and Deutsche Bank were the prime institutions live at the start of the service.

"The prime brokerage model is a key avenue for buy-side participants to exchange risk, but has been taken advantage of by disruptive traders due to anonymity and a lack of transparency surrounding it. We have developed this solution as a direct response to this growing concern ─ one shared by a wide range of buy-side and sell-side participants ─ and have been overwhelmed by interest in our prime solution to date," says Dan Marcus, CEO at ParFX. "ParFX supports full post-trade transparency by identifying the executing broker, prime bank and prime client on all trade details. By removing the mask of anonymity we are encouraging responsible trading behaviour."