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ECN liquidity at ParFX is deepening further with the total of founder banks rising to 14
Global interdealer brokerage Tradition’s spot FX trading platform ParFX has gotten on board another two top tier banks as founders to further deepen forex liquidity within its offering. Citi and JP Morgan are the latest additions to the newest forex ECN that has started operations last year. That brings the total number of banks that are providing market depth within the platform to 14.
The news comes only a couple of months after the addition of SocGen as a founder and Bank of America Merrill Lynch as the first non-founder bank to go live on the platform. ParFX’s Chairman Mike Leibowitz has stated that adding these two top tier banks is a significant step forward, while the company’s CEO Daniel Marcus states that the growing interest in the company’s solution will facilitate liquidity provision over the coming year.
According to the Global Head of Electronic FX trading at Citi, the company believes in a competitive marketplace hence it only makes sense for the bank to join the ParFX platform as it has proven to provide efficient and reliable execution for market participants.
ParFX has unique features within itself that are aimed to bring additional transparency and equality to the forex market. A matching mechanism is responsible for the randomization of order elements – amendments, cancellations and confirmations. The aim is to eliminate the advantages that high-frequency traders have and to provide a level playing field for all market participants.