ParFX Adds JPMorgan, Citi as Founder Banks
Handling spot FX, ParFX's unique selling point is a mechanism that applies pauses to all order elements at randomized intervals. Designed by interdealer broker Tradition, it will open to the wider FX market in 2014, and is available to all institutions able to settle via the continuous linked settlement process.
"We have been firm believers in the ParFX ethos from the outset and are delighted to see the community of founders growing steadily," says Chris Purves, global head of FX, rates and credit electronic trading at UBS, another founder bank. "We have been onboard from launch and have seen liquidity grow at a very healthy rate as an increasing number of FX market participants adopt a new trading mentality based on the ParFX values of fairness and transparency."
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