ParFX has completed the first trades via ParFX Prime, its prime brokerage service for the buy-side foreign exchange (FX) community.
ParFX Prime was launched to enable buy-side customers to trade through their prime broker on a post-trade disclosed basis. The first trades were completed on 28 August by London-based GSA Capital and New York-based Virtu Financial.
The service delivers full trade transparency, with executing broker, prime bank and prime client to give up their names post-trade.
All orders are subjected to ParFX’s matching mechanism that applies a randomised pause to all submissions, amendments and cancellations, thus ensuring a level playing field for all participants regardless of technological sophistication or financial strength.
Chris Concannon, president and chief operating officer of Virtu Financial, said: “From the outset, it was clear that ParFX was a truly differentiated platform delivering transparency, fairness and a level playing field, and we are delighted to be one of the first to go live through prime connectivity.”
“For us, the crucial differentiator of ParFX Prime is the level of trading transparency it offers to ensure fair, orderly trading conditions. Showing counterparty names post trade is a progressive and logical move to enhancing transparency, genuine liquidity and trading relationships across this market. These are values we share and identify strongly with.”
Dan Marcus, CEO of ParFX, comments: “The prime brokerage model is a key avenue for buy-side participants to exchange risk, but has been taken advantage of by disruptive traders due to anonymity and a lack of transparency surrounding it.”
“We have developed this solution as a direct response to this growing concern – one shared by a wide range of buy-side and sell-side participants – and have been overwhelmed by interest in our prime solution to date.
“ParFX supports full post-trade transparency by identifying the executing broker, prime bank and prime client on all trade details. By removing the mask of anonymity we are encouraging responsible trading behaviour.”
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