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Citi and JPMorgan join ParFX as founder banks

13 February 2014  |  4736 views  |  0 Stock exchange close up numbers 1

ParFX, the spot forex electronic trading platform set up by Tradition last year, has added Citi and JP Morgan to its founder bank community.

Launched last April, the ParFX platform is designed to combat the advantage of high-frequency trading, using a matching mechanism which applies a randomised pause to order elements.

The addition of Citi and JP Morgan takes the total number of founder banks to 14, including Barclays, Deutsche Bank, Morgan Stanley, and UBS.

Tradition is now preparing to open the platform up to the wider FX trading community, bringing in hedge funds to increase liquidity.

Richard Bibbey, global head, electronic FX trading, Citi, says: "Citi believes a competitive marketplace, offering an array of products and services is in the best interest of our clients and the industry.

"The ParFX platform is designed to offer efficient, reliable execution for participants and we are excited to be joining as a founder."

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