China's wavering path to renminbi internationalisation*
"Bolstered by the emergence of offshore hubs in Singapore, London and Frankfurt, the currency has risen to prominence on global spot FX markets and we anticipate that renminbi-denominated trading will continue to grow rapidly over the coming years," says Roger Rutherford at ParFX.
ParFX is not for sale *†
ParFX was launched four years ago, with a group of 12 founding banks and the backing of broker Tradition. The plan was to introduce a completely new way of matching orders by applying randomised pauses of between 20–80 milliseconds in a bid to eliminate purely technology-driven advantages.
Randomisation raised level of conversation, say Weisberg and Mandelzis*†
Former chiefs of EBS BrokerTec and Thomson Reuters FX praise contribution of Campbell Adams and former rival ParFX. The introduction of randomisation in foreign exchange markets has raised the level of conversation, and forced major trading venues to take a step back and evaluate how they want to position their offerings, the former chiefs of EBS and Thomson Reuters FX told delegates at the 14th annual FX Week USA conference.
Editorial: Are Last Look’s Chickens Coming Home to Roost?*†
I would also argue that some platforms have shown it is not essential to have last look to attract LPs. Forget for a moment that Matching and EBS Market remain the two platforms of record, LMAX Exchange and ParFX have both built businesses without resorting to supporting last look.
FX code of conduct finalised despite ‘last look’ loose end – Global Risk Regulator*†
“What would you prefer? Wouldn’t you rather operate in a good, robust ethical environment based on a set of agreed principles? What’s the other option?” asks Roger Rutherford, chief operating officer at wholesale electronic spot FX trading platform provider ParFX. “The other option would be increased regulation related to the way spot FX is traded.”
The technological revolution*†
Roger Rutherford expresses a paradoxical concern, however: "If regulation comes in force like the Volcker Rule, where banks are not allowed to take proprietary positions in using investors’ money – then it takes us back to the historical days where they're just there to move the money. So is it going to move away from being an asset class?"
The FX Global Code: The Rules Are Made to Be Followed *†
On May 25, 2017, the full Code was published, and early feedback is largely positive. Multiple major players in the FX market (e.g., Foreign Exchange Professionals Association, CLS, ParFX) made public statements lauding the code’s provisions, indicating their support, or officially endorsing the Code.
FX Ethics Revamp Spurs Citigroup Training, App for Traders*
“I hope and believe that the industry will adhere to the code, but in a market as global and diverse as foreign exchange, there will probably still be some bad apples,” said Dan Marcus, CEO of trading venue ParFX. While adopting the principles will probably add to costs across the industry, “it’s very hard to argue against them.”
Hardwiring best practice into spot FX trading venues*†
We welcomed the unveiling of the final Global Code and hope others follow ParFX in adhering to its principles. It closely aligns with our core ethics and values, with guidelines that strengthen the integrity and effectiveness of the foreign exchange market. It is a great step towards not only instilling renewed confidence in the market, but also creating an ecology where participants work together to solve industry issues.
FX: Randomization gains favour, despite flaws*†
However, ParFX chief operating officer, Roger Rutherford, reckons randomized matching technology has proven itself to be an effective mechanism for deterring disruptive trading behaviour in the FX market, nullifying the speed advantages of dark fibre, cross connect and low latency systems and models.