ParFX, the wholesale electronic trading platform delivering renewed transparency and equality in global spot FX, has confirmed Société Générale (SocGen) as its latest founder bank.
SocGen, one of Europe's largest financial services groups, has become the platform's 12th founder bank.
From inception, the founders have been active in the design of the ParFX platform and will continue to play a fundamental role in its governance, development and evolution.
Daniel Marcus, CEO of ParFX commented: "We are delighted to welcome SocGen as a founder of ParFX. Their presence adds yet another dimension to the range of trading strategies being deployed on ParFX, further enhancing the trading experience and depth of liquidity for all participants. Their joining as a founder validates the unique system controls and market model that are a fundamental part of ParFX."
Stephane Malrait, MD and Global Head of e-Commerce at SocGen, said: "The values and ethos of ParFX resonate strongly with us. Its very concept is rooted in transparency, which we believe is a major step towards truly leveling the FX playing field. We are delighted to be a part of it."
ParFX also announced that Bank of America Merrill Lynch (BofA Merrill Lynch) is the first non-founder bank to go live on the platform. BofA Merrill Lynch began trading last month and is the first of several non-founder banks that will be connected to the platform over the coming months.
Liam Hudson, Global Head of EFX at BofA Merrill Lynch said: "We support the market's effort to create a trading environment with deep, dependable liquidity. The platform's unique execution rules generate an excellent source of liquidity that can help to manage risk."
Mike Leibowitz, Chairman of ParFX, commented: "The addition of BofA Merrill Lynch to our platform is a significant milestone. Despite the platform only being in operation for a matter of months, we have already created a trading ecology that has resulted in a positive user experience. ParFX is, and will continue to be, committed to providing genuine liquidity on a transparent and fair basis. That ethos will shape the future of ParFX as we provide access to the entire wholesale marketplace."