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Tradition is a subsidiary of Compagnie Financière Tradition.

TraFXpure Renames, Adds Mitsubishi and Nomura Before Launch

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TraFXpure, the bank-backed foreign exchange (FX) platform being developed by interdealer broker Tradition, has added Nomura Securities and Mitsubishi UFJ to its supporters, and will rename as ParFX ahead of its 'imminent' launch.

ParFX will exist as a wholly-owned subsidiary of Tradition. The platform, backed by names such as Barclays, Morgan Stanley, State Street and UBS among others, was developed in response to increasing frustration at the effect of high-frequency trading (HFT) in FX's interbank market. Tradition was selected to develop the platform in 2011.

"The idea behind it is to remove any technological advantage, and create, at a pure trading level, a totally level playing field," said Dan Marcus, managing director of strategy and business development at Tradition, while talking to Waters for a related article last year. "So whoever you are, however many connections you have, wherever you're located and whatever technology you have, by the time you can actually trade on the platform, you have as much chance as anybody else. It doesn't remove the capability of your algorithm; that still applies in terms of hedging capabilities and other areas, but it does remove speed."

No further details are currently available on the launch of the platform, which was originally scheduled for January 2013.

"Nomura is committed to providing our FX clients with best execution, liquidity and transparency," says Jai Rajpal, global head of foreign exchange at Nomura. "We are delighted to be part of the ParFX initiative, which will help improve access and reduce trading costs for all market participants."

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