'12 Days of Christmas' Come Early for ParFX – Signs up SocGen as 12th Founder Bank
Thursday,05/12/2013|17:30GMTby
Adil Siddiqui
ParFX a leading FX trading platform for the institutional FX market has reported that Société Générale has become the latest founding bank to join the portal. The news comes as participants explore transparent solutions in the world’s most liquid asset class.
Leading French bank Société Générale (SocGen), has become the 12th founder bank that is connected to ParFX, an institutional FX platform. ParFX also reported that Bank of America Merrill Lynch (BofA Merrill Lynch) has joined the portal as the first non- founding bank.
Since inception earlier this year, the platform has been enhancing its position as it competes in the competitive spot FX landscape. Founding members of the trading terminal include: The Bank of Tokyo Mitsubishi UFJ, Barclays, BNP Paribas, Deutsche Bank, Morgan Stanley, Nomura Securities, Royal Bank of Canada, SEB, Standard Chartered, State Street and UBS.
Daniel Marcus, CEO of ParFX commented: “We are delighted to welcome SocGen as a founder of ParFX. Their presence adds yet another dimension to the range of trading strategies being deployed on ParFX, further enhancing the trading experience and depth of Liquidity for all participants. Their joining as a founder validates the unique system controls and market model that are a fundamental part of ParFX.”
Tradition, the firm behind the spot platform, has not disclosed trading volumes. However, Mr Marcus stated in an interview to the media that the firm, “Hopes to do significant volumes.” ParFX will offer traders an even playing field with fees and conditions to be the same across the board. ParFX informed the media in May 2013 that they will charge $2 per million.
Stephane Malrait, MD and Global Head of e-Commerce at SocGen, commented in a statement: “The values and ethos of ParFX resonate strongly with us. 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 the appointment of SocGen, ParFX also announced that Bank of America Merrill Lynch (BofA Merrill Lynch) is the first non-founder bank to go live on the platform. BofA Merrill Lynch began trading last month and is the first of several non-founder banks that will be connected to the platform over the coming months.
Liam Hudson, Global Head of EFX at BofA Merrill Lynch said: “We support the market’s effort to create a trading environment with deep, dependable liquidity. The platform’s unique execution rules generate an excellent source of liquidity that can help to manage risk.”
Mike Leibowitz, Chairman of ParFX, commented: “The addition of BofA Merrill Lynch to our platform is a significant milestone. Despite the platform only being in operation for a matter of months, we have already created a trading ecology that has resulted in a positive user experience. ParFX is, and will continue to be, committed to providing genuine liquidity on a transparent and fair basis. That ethos will shape the future of ParFX as we provide access to the entire wholesale marketplace.”
ParFX aims to compete with the world's two leading dealer to dealer portals, EBS and Reuters. EBS's trading volumes have been below the formidable $100 billion a day mark for several months this year as the portal faces tough times in a fragmented market place.
ParFX has been focused on tier 1 banks, however it intends to expand its customer base in 2014, Mr. Marcus explained in a comment to Forex Magnates: "We also have a healthy pipeline of interest from the wider trading community and are in conversation with various buy-side institutions that are interested in trading on ParFX. It is our intention to onboard the buy-side over the course of 2014."
Leading French bank Société Générale (SocGen), has become the 12th founder bank that is connected to ParFX, an institutional FX platform. ParFX also reported that Bank of America Merrill Lynch (BofA Merrill Lynch) has joined the portal as the first non- founding bank.
Since inception earlier this year, the platform has been enhancing its position as it competes in the competitive spot FX landscape. Founding members of the trading terminal include: The Bank of Tokyo Mitsubishi UFJ, Barclays, BNP Paribas, Deutsche Bank, Morgan Stanley, Nomura Securities, Royal Bank of Canada, SEB, Standard Chartered, State Street and UBS.
Daniel Marcus, CEO of ParFX commented: “We are delighted to welcome SocGen as a founder of ParFX. Their presence adds yet another dimension to the range of trading strategies being deployed on ParFX, further enhancing the trading experience and depth of Liquidity for all participants. Their joining as a founder validates the unique system controls and market model that are a fundamental part of ParFX.”
Tradition, the firm behind the spot platform, has not disclosed trading volumes. However, Mr Marcus stated in an interview to the media that the firm, “Hopes to do significant volumes.” ParFX will offer traders an even playing field with fees and conditions to be the same across the board. ParFX informed the media in May 2013 that they will charge $2 per million.
Stephane Malrait, MD and Global Head of e-Commerce at SocGen, commented in a statement: “The values and ethos of ParFX resonate strongly with us. 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 the appointment of SocGen, ParFX also announced that Bank of America Merrill Lynch (BofA Merrill Lynch) is the first non-founder bank to go live on the platform. BofA Merrill Lynch began trading last month and is the first of several non-founder banks that will be connected to the platform over the coming months.
Liam Hudson, Global Head of EFX at BofA Merrill Lynch said: “We support the market’s effort to create a trading environment with deep, dependable liquidity. The platform’s unique execution rules generate an excellent source of liquidity that can help to manage risk.”
Mike Leibowitz, Chairman of ParFX, commented: “The addition of BofA Merrill Lynch to our platform is a significant milestone. Despite the platform only being in operation for a matter of months, we have already created a trading ecology that has resulted in a positive user experience. ParFX is, and will continue to be, committed to providing genuine liquidity on a transparent and fair basis. That ethos will shape the future of ParFX as we provide access to the entire wholesale marketplace.”
ParFX aims to compete with the world's two leading dealer to dealer portals, EBS and Reuters. EBS's trading volumes have been below the formidable $100 billion a day mark for several months this year as the portal faces tough times in a fragmented market place.
ParFX has been focused on tier 1 banks, however it intends to expand its customer base in 2014, Mr. Marcus explained in a comment to Forex Magnates: "We also have a healthy pipeline of interest from the wider trading community and are in conversation with various buy-side institutions that are interested in trading on ParFX. It is our intention to onboard the buy-side over the course of 2014."
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🎥Catch the best moments from the Finance Magnates Annual Awards Gala Dinner!
An evening where top names in finance came together to celebrate achievements, enjoy live music, and connect over a memorable dinner. Watch the highlights and feel the energy of our first gala in Cyprus!
Congratulations to all the winners for their dedication to excellence and leadership in the financial industry, including XM, Trading PRO, FP Markets, Deriv, FxPro, LATAM, Headway, ATFX, FBS, AMEGA, EC Markets, Axi
For more information about the 1st Finance Magnates Annual Awards, visit https://bit.ly/3Zb7wNz
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