ParFX, a wholesale, global spot FX electronic trading platform, announced it has added Citi and J.P. Morgan to its rapidly growing founder bank community.
The platform now counts 14 banks amongst its founding members. The addition of Citi and J.P. Morgan further expands ParFXs global distribution network. The trading platform is already open for business.
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This is another significant step forward for both ParFX and the global FX market as a whole, and we are delighted to welcome Citi and J.P. Morgan onboard, said Mike Leibowitz, chairman of ParFX, in a release.
The platforms matching mechanism applies a randomized pause to all order submissions, cancellations and confirmations. This generates liquidity by creating a genuinely level playing field for all participants regardless of location, technological sophistication or financial strength.
ParFX promotes enhanced trade cycle transparency through all trading phases – lit pre-trade, full disclosure post-trade. It can be accessed through industry-standard FIX protocol API. Also, it promotes incorporation of trading costs into actual transactions and transparent trading pricing set equally for all users.
