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Screenshot of a breaking news alert e-mail from Q2 2017
ParFX, the wholesale electronic trading platform delivering renewed transparency and equality in global spot FX, has been named Technology Project of the Year in the Dealing/Trading category by The Banker magazine, in recognition of its success in introducing fairness and equality into the world’s largest financial market – Forex.
Created by the market, for the market, ParFX was developed in conjunction with a group of the world’s leading FX banks to increase transparency and establish a level playing field in the foreign exchange market. The platform tackles some of the key issues that have damaged the efficiency of the market in recent years – such as the lack of transparency and fairness, the ability to gain an advantage via low-latency technology and market data, and a lack of firm liquidity.
ParFX was also the first wholesale trading venue to introduce a unique matching mechanism that applies a meaningful randomized pause of 20-80 milliseconds to each order submission, amendment and cancellation – thus ensuring participants are unable to gain an advantage through speed.
Roger Rutherford, COO at ParFX, comments, “We are delighted to receive this award from The Banker, a further demonstration of the impact ParFX has had on the industry in such a short space of time. Our founder banks demanded a fair and transparent environment where they could exchange currency risk without being gamed by those employing disruptive trading strategies, and that is exactly what ParFX delivered.”
The magazine’s media pack states that The Banker is read most widely in banks, financial institutions, multilateral corporations, central banks and finance ministries around the world. Approximately 60% of its readers are CEO/President and CFO/Treasurers of their organizations.