ParFX has unveiled Société Générale as its latest, and 12th, founder bank.
By joining the founders SocGen will play a fundamental role in the platform’s governance, development and evolution, the firm says.
“[SocGen’s] 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,” says Daniel Marcus, CEO of ParFX. “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, adds, “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.”
In a separate move, ParFX says Bank of America Merrill Lynch has become the first non-founder bank to go live on the platform. BAML began trading in November and is the first of several non-founder banks that will be connected to the platform over the coming months, ParFX says.
Liam Hudson, global head of e-FX at BAML, says, “We support the market’s effort 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, adds, “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.”