Société Générale Joins ParFX as Founder Bank
ParFX, formerly TraFXpure, launched in April 2013, following an intense discussion around market practice in the interbank segment of the asset class. ParFX applies a randomized pause to all order submissions, cancellations and confirmations, along with other elements, and caters to banks that settle through the Continuous Linked Settlement (CLS) Group.
"The values and ethos of ParFX resonate strongly with us," says Stéphane Malrait, MD and global head of e-commerce at Société Générale. "Its very concept is rooted in transparency, which we believe is a major step towards truly leveling the FX playing field. We are delighted to be a part of it."
In addition to Société Générale's involvement, ParFX also announced that Bank of America Merrill Lynch has begun trading on the platform.
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