May 30, 2012
Tradition venue offers level playing field for spot FX traders
Interdealer broker Tradition
has launched traFXpure, a new electronic trading platform for spot FX that aims
to level the playing field among market participants by eliminating the
advantages of technology.
The new platform is based on
Tradition technology and will offer spot FX trading in all CLS currencies and
is open to any market participant that can settle via CLS – comprising over
15,000 firms.
According to Daniel Marcus,
managing director, strategy and business development at Tradition, the aim
of the platform is to complement existing electronic spot FX platforms.
“We are aiming to reduce the technological advantage of trading that some
firms employ. TraFXpure will use specially designed matching logic, charge all
members the same level of trading fees and offer the same data to all
participants at cost,” Marcus told theTRADEnews.com. “The aim is to create a trading
platform that offers firm liquidity, which we think is attractive for anyone
that needs to trade FX as part of their strategy.”
Barclays, BNP Paribas,
Deutsche Bank, Royal Bank of Canada and UBS will provide liquidity to traFXpure
from the outset and the platform will disclose the counterparties to a
transaction on a post-trade basis. Additional supporting banks are likely to
come onboard in the coming weeks.
"We
are continuously looking for ways to provide our clients with enhanced choice
and execution quality in the FX spot markets,” said Ed Monaghan, global head of
FX at Royal Bank of Canada. “Through traFXpure, our global and diverse client base will benefit
from an execution facility which enhances both execution quality and fair
pricing."
Anish Puaar
+44 (0)20 7397 3817
anish.puaar@thetrade.ltd.uk