Venue fragmentation set to continue, says FX veteran*
Author James Sinclair, executive chairman and co-founder of FX trading technology provider MarketFactory, believes the proliferation of venues has been inevitable since the launch of ParFX, a bank-backed currencies platform hosted by interdealer broker Tradition that began trading in 2013. The launch of ParFX coincided with a number of other new initiatives, each with a unique strategy to attract and maintain liquidity.
Fee Fight: Ye Olde Market Data Battleground*
Roger Rutherford, COO of electronic dealing platform ParFX, says that regardless of asset class, financial markets need market infrastructures to take the lead on transparency, fairness and equality, and to make market data affordable and cost-effective for everyone.
FX: Execution leads liquidity as biggest issue for traders – JPMorgan*
If a trade is being executed with a liquidity provider on a principal basis, being able to validate best execution is likely to be the most important factor. If a trade is being executed on an agency basis, availability of liquidity via their provider will be more significant. Both have different outcomes and will suit different trading strategies, says ParFX chief operating officer Roger Rutherford.
TradeTech FX USA
ParFX attended TradeTech FX USA in Miami.
Shining a light on opaque market data packages
Is there a need for greater transparency in market data pricing? A group of 24 trading institutions, including banks and asset managers, certainly think so.
Shining a Light on Opaque Market Data Packages*†
By Roger Rutherford, COO, ParFX. Opaque market data pricing models, accompanied by unsustainable cost increases, have become a harsh reality of financial markets. This creates a multiple-tier market, compromising the ability of institutions with less financial resources to operate on an equal playing field or measure whether they are getting value for their money.
Taking the first steps towards a new market structure*
“The execution principles and agreements that liquidity providers had in place with customers prior to the FX Global Code being published – many of them have already changed. We’ve already seen a difference in the market already. Some execution agreements have explicitly stated they will not use the information within the last look window for trading, and others have moved to zero hold time so participants can’t use that information to pre-hedge,” says Roger Rutherford, Chief Operating Officer at ParFX and ACI FX committee member.
Forex rule book closes window on ‘last look’ practice*†
Roger Rutherford, chief operating officer at ParFX, the trading venue, said the revised language “provided clear guidance”. “The code has been instrumental in kick-starting important conversations around market behaviour, ethics and transparency. I think 2018 will be a key year in which to redefine the rules in FX,” he added.
Positive global growth to drive currencies in 2018*
Roger Rutherford, chief operating officer at trading platform, ParFX says 2018 will be a key year to redefine the rules in foreign exchange. Rutherford says: “It is clear that the code is shining a light on areas of the market that have long been overdue for review. Equality, transparency and market conduct have emerged as key industry themes which I feel will continue to dominate discussions over the next year and beyond.”
GFXC Revises Last Look Section of the FX Global Code of Conduct*
Commenting on the announcement, the Chief Operating Officer at ParFX, Roger Rutherford, added: “We welcome the revised guidance by the GFXC relating to last look in FX. It is clear there is scope for misconduct to occur if trade information gained during the last look window is utilized by the liquidity provider to execute a trade, for example, or if the liquidity provider always intended to reject the trade to learn more about a counterparty’s position in the market.”