Tradition, the leading global inter-dealer broker, has today announced that two further global banks have confirmed their support of the TraFXpure spot FX trading platform, adding to the already-substantial industry support for the initiative.
The Bank of Tokyo Mitsubishi UFJ and Nomura Securities have both added their names to the list of Founders, further substantiating the desire of the wholesale spot FX market to operate a new way of trading. The two banks join an existing group of nine founder members - Barclays, BNP Paribas, Deutsche Bank, Morgan Stanley, Royal Bank of Canada, SEB, Standard Chartered, State Street and UBS - who believe that the platform will greatly benefit the market with an offering that is focused on delivering equality and efficient execution for all participants.
In addition, Tradition also announces that the platform will operate under the recently formed company name 'ParFX' a wholly owned subsidiary within the Tradition group.
Akira Hoshino, Global Head of FX Trading at The Bank of Tokyo Mitsubishi UFJ, said: "We are pleased to partner with Tradition to provide a new highly compliant FX spot trading market infrastructure. We look forward to trading on the platform and expect it to become a leading player in the Spot FX market."
Jai Rajpal, Global Head of Foreign Exchange at Nomura, said: "Nomura is committed to providing our FX clients with best execution, liquidity and transparency. We are delighted to be part of the ParFX initiative, which will help improve access and reduce trading costs for all market participants."
Daniel Marcus, Global Head of Strategy and Business Development at Tradition, commented: "We are greatly encouraged by the support being shown by such a large number of significant participants in the spot FX market. The diversity of the group illustrates the growing momentum of ParFX. We now have more than 20 of the largest banks in the world testing the platform as well as 8 ISVs. We are very much looking forward to the imminent launch of ParFX"