ParFX, the wholesale global spot FX electronic trading platform, has completed the first trades via ParFX Prime, its new prime brokerage service for the buy-side FX community.
ParFX Prime was launched to enable buy-side customers to trade through their prime broker on a post-trade disclosed basis, alongside the growing community of banks already trading on the platform.
The first successful trades were completed on 28 August by London-based GSA Capital and New-York-based Virtu Financial. Prime banks live at the launch of the service include Citi and Deutsche Bank.
ParFX Prime is delivers full trade transparency, with executing broker, prime bank and prime client required to give up their names post-trade. All orders are subject to ParFX’s unique matching mechanism that applies a randomised pause to all submissions, amendments and cancellations, thus ensuring a level playing field for all participants regardless of technological sophistication or financial strength.
Sanjay Madgavkar, global head of FX prime at Citi, says: “The completion of the first buy-side trade on ParFX is testament to its success in launching a platform with innovative technology and a robust trading environment. We look forward to continuing to play a role in building participation on the platform over the coming months.”
Dan Marcus, CEO of ParFX, says: “The prime brokerage model is a key avenue for buy-side participants to exchange risk, but has been taken advantage of by disruptive traders due to anonymity and a lack of transparency surrounding it. We have developed this solution as a direct response to this growing concern – one shared by a wide range of buy-side and sell-side participants – and have been overwhelmed by interest in our prime solution to date.
“ParFX supports full post-trade transparency by identifying the executing broker, prime bank and prime client on all trade details. By removing the mask of anonymity we are encouraging responsible trading behaviour.”