25 May 2017
ParFX, the wholesale electronic trading platform, has issued an official statement in support of the recently launched FX Global Code of Conduct. The Code outlines a single set of principles to promote integrity and effectiveness across the global foreign exchange market.
Dan Marcus, CEO of ParFX comments:
“ParFX welcomes the launch of the FX Global Code for the wholesale foreign exchange (FX) market. This initiative sets out guidelines and principles that will strengthen the integrity and effectiveness of the FX market.
“The Code aims to instil the notion of truly ethical behaviour for all participants, and outlines an effective framework that, amongst other things, promotes responsible and sustainable trading behaviour. These key values now need to be hardwired into the FX market.
“We strongly support adherence across the industry and fully intend to commit to the Code, as it aligns closely with our key principles of fairness, equality and transparency.
“In addition, we intend to promote the Code amongst our customers by encouraging them to evolve their institutions’ FX practices so they are consistent with the principles laid out in the Code.”
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Developed for the market, by the market, ParFX is a wholesale electronic trading platform designed to bring renewed transparency and equality to global spot FX. The platform’s unique matching mechanism applies a meaningful randomised pause to all order submissions, amendments and cancellations. This firms liquidity by creating a genuinely level playing field for all participants regardless of technological sophistication or financial strength.
Other benefits include:
• Enhanced trade cycle transparency – lit pre-trade, full disclosure post-trade
• Low-cost and easy access through industry-standard FIX protocol API
• Democratic incorporation of trading costs into actual transaction
• Transparent trading pricing set equally for all users
• At-cost market data distributed in parallel to all active participants
• Full post-trade transparency – Executing Broker, Prime Broker and Prime Client name give-up post-trade.
ParFX is open to all professional institutions able to settle via CLS, and provides those participants with a low-cost, convenient and equitable venue for sourcing FX liquidity.
ParFX has been designed by Tradition, an award-winning interdealer broker and one of the world’s largest in over-the-counter financial and commodity-related products, in conjunction with a group of the world’s leading FX banks.
For more information, please visit www.parfx.com.
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