FX Global Code key to ethical debate on HFT – Tradition*†
According to Dan Marcus, global head of strategy at inter-dealer broker Tradition, some participants continue to benefit from operating with the highest frequencies and connectivity, fastest matching engines, and asymmetric access to data. “As the FX markets evolved, it became apparent that for some trading institutions, it was all about speed and having strategies that relied on speed,” Roger Rutherford, chief operating officer of Tradition’s spot FX trading platform, ParFX told FOW.
Deadline looms for firms to sign foreign exchange conduct code*
Leading foreign exchange players have until May 25 to sign up to a code of conduct designed to purge the $5 trillion-a-day market of abuse, amid suggestions some banks could curtail bonuses for those who deviate from its principles. It is up to individual businesses whether they sign up, but the penalty for not doing so "is likely to be that you get less business in the future," said Roger Rutherford, chief operating officer of ParFX, a currency-trading platform.
FX: Tech focus shifts to horde of untapped trade data*
That is the view of ParFX chief operating officer Roger Rutherford, who reckons randomized matching technology has proven itself to be an effective mechanism for deterring disruptive trading behaviour in the FX market.
Foreign Exchange: One last look*
Roger Rutherford, chief operating officer at ParFX, welcomes the IA’s initiative and says: “The asset management community clearly has concerns around Last Look. The IA has listened to the debate and discussions following the publication of the ‘FX Global Code’. Its position paper on Last Look provides clear guidance on when and how Last Look should be used, advocating greater transparency.”
Winds of Change in $5 Trillion FX Market*
While transparency around last look has improved, "we’ve got a long way to go," said Roger Rutherford, chief operating officer of ParFX, whose platform falls outside of the scope of the new rules because it focuses on spot trading, an area that MiFID II doesn’t address.
Last-look guidance felt as market prepares for FX code deadline*
Roger Rutherford, COO of ParFX, says: “The direction of travel is towards openness and transparency. That is why we think it is so important that traders know the identity of their counterparty post trade, as they do on our platform. It provides clarity and allows them to truly analyze the behaviour of their liquidity provider.”
Investment Association unhappy with controversial FX practice*†
Responding to the IA's guidance, Roger Rutherford, chief operating officer at trading venue ParFX, said: "It is clear that market participants remain concerned about how the information gained during the last look window is used, rather than the over-arching practice of last look itself." He added that many institutions have already begun amending terms and conditions to ensure that clients understand how and when the practice is used.
Venue fragmentation set to continue, says FX veteran*
Author James Sinclair, executive chairman and co-founder of FX trading technology provider MarketFactory, believes the proliferation of venues has been inevitable since the launch of ParFX, a bank-backed currencies platform hosted by interdealer broker Tradition that began trading in 2013. The launch of ParFX coincided with a number of other new initiatives, each with a unique strategy to attract and maintain liquidity.
Fee Fight: Ye Olde Market Data Battleground*
Roger Rutherford, COO of electronic dealing platform ParFX, says that regardless of asset class, financial markets need market infrastructures to take the lead on transparency, fairness and equality, and to make market data affordable and cost-effective for everyone.
FX: Execution leads liquidity as biggest issue for traders – JPMorgan*
If a trade is being executed with a liquidity provider on a principal basis, being able to validate best execution is likely to be the most important factor. If a trade is being executed on an agency basis, availability of liquidity via their provider will be more significant. Both have different outcomes and will suit different trading strategies, says ParFX chief operating officer Roger Rutherford.