CFT announces SocGen as 12th founder bank of ParFX Bank of America Merrill Lynch also begins trading on platform
(Thomson Reuters ONE) -
Compagnie Financière Tradition /
CFT announces SocGen as 12th founder bank of ParFX Bank of America Merrill Lynch
also begins trading on platform
. Processed and transmitted by NASDAQ OMX Corporate Solutions.
The issuer is solely responsible for the content of this announcement.
CFT announces SocGen as 12(th) founder bank of ParFX
Bank of America Merrill Lynch also begins trading on platform
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 12(th) 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 efforts 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."
About ParFX
Developed for the market, by the market, ParFX is a new wholesale electronic
trading platform designed to bring renewed transparency and equality to global
spot FX. The platform's unique matching mechanism applies a randomised pause to
all order elements: amendments, cancellations and confirmations. This firms
liquidity by creating a genuinely level playing field for all participants
regardless of location, technological sophistication or financial strength.
Other benefits include:
· Enhanced trade cycle transparency - lit pre-trade, full disclosure post-
trade
· Low-cost and easy access through industry-standard FIX protocol API
· Democratic incorporation of trading costs into actual transaction
· Transparent trading pricing set equally for all users
· At-cost market data distributed in parallel to all active participants
ParFX is open to all professional institutions able to settle via CLS and
provides those participants with a genuine customer need to trade with a low-
cost, convenient and equitable venue for sourcing FX liquidity in CLS-eligible
currency pairs.
ParFX has been designed by Tradition, one of the world's largest interdealer
brokers in over-the-counter financial and commodity-related products, in
conjunction with a group of the world's leading FX banks.
www.parfx.com
About Compagnie Financiere Tradition
Compagnie Financière Tradition SA, one of the world's largest interdealer
brokers in over-the-counter financial and commodity related products.
Represented in 28 countries, Compagnie Financière Tradition SA employs 2,400
people globally and its activities are overseen by global regulators including
the FCA, SEC and CFTC. Compagnie Financière Tradition SA is listed on the Swiss
stock exchange. For more information, please visit www.tradition.com. Tradition
and ParFX are registered trade marks of Compagnie Financière Tradition S.A.
Media contact:
Nick Murray-Leslile/Nick Warren
Chatsworth Communications
+44 (0)20 7440 9780
CFT_Press release:
http://hugin.info/133362/R/1748135/588747.pdf
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Compagnie Financière Tradition via GlobeNewswire
[HUG#1748135]
Unternehmensinformation / Kurzprofil:
Bereitgestellt von Benutzer: hugin
" alt="Integra Gold Provides Lamaque Project Update and AGM ResultsDatum: 05.12.2013 - 18:41 Uhr
Sprache: Deutsch
News-ID 322890
Anzahl Zeichen: 5941
contact information:
Town:
Lausanne
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 148 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"CFT announces SocGen as 12th founder bank of ParFX Bank of America Merrill Lynch also begins trading on platform"
steht unter der journalistisch-redaktionellen Verantwortung von
Compagnie Financière Tradition (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
