Exclusive: ParFX CEO – FX Industry Can Work Together for Ethical Reform*
Keeping a close eye on the proceedings was Dan Marcus, CEO of ParFX, a spot FX trading platform which shares much in common with the FX Global Code. ParFX was developed by a group of the largest FX trading institutions in the world, which had become frustrated with the deteriorating trading environment on public spot FX trading venues and wanted to reintroduce fair, equal and transparent behaviour to their day-to-day trading activities. This week, Finance Magnates spoke to Marcus about the outcomes of the GFXC’s annual meeting, the future of the organisation and ParFX’s plans for the future.
ParFX named ‘Best e-FX Trading Venue’ at FX Week e-FX Awards
ParFX, the wholesale electronic spot FX trading platform, has been named ‘Best e-FX Trading Venue’ at an award ceremony in New York.
Awards: ParFX*
ParFX introduced a completely new concept to the market when it launched five years ago, to thwart the efforts of high-frequency trading firms gaining an advantage by using technology and ultra low-latency trading – randomisation. This year, ParFX has been voted Best e-FX Trading Venue of the Year at the 2018 FX Week e-FX Awards – its second win since the venue launched. “We’re flattered to a certain degree that a number of platforms have tried to change direction in an attempt to emulate our pure principles,” says Roger Rutherford, chief operating officer of ParFX. “It validates what we’ve been trying to do.”
15th annual e-FX Awards winners*†
Following a long and exhausting run-up to Mifid II, FX market participants have gone to work again. The level of innovation and momentum in the market is building as the industry dares to look beyond the current state of play, and moves to make processes more efficient and more transparent. Best e-FX Trading Venue – ParFX.
Awards: Saxo Bank*
“What sets us apart from other prime-of-primes is that we’re completely un-conflicted with our clients,” he says. Instead, the bank provides true and direct market access to about two dozen bank and non-bank liquidity providers, and nine trading venues, with ParFX the most recent addition.
ParFX welcomes GFXC’s new leadership team
By Roger Rutherford, COO of ParFX
Last week, the highly anticipated Global Foreign Exchange Committee (GFXC) meeting in Johannesburg, South Africa took place.
FX: MTFs still reluctant to move even as Brexit approaches*
ParFX chief operating officer Roger Rutherford says the firm has no plans to move operations, staff or its matching engine away from London at this time. “As it stands, London accounts for almost 40% of all currency trading, so it makes business sense for us to remain here,” he says.
Machine learning could offer more “edge” than HFT – expert – FOW*†
Meanwhile experts at Tradition said that high speed trading continues to pose an ethical debate about whether markets are fair, but the FX Global Code is a key development.
FX goes crypto in NYC
By Rob Parr, Head of Business Development at ParFX
So, on to New York for the Forex Network travelling show of panellists, delegates and moderators.