Interdealer broker Tradition has added two new founder members to its TraFXpure platform for spot FX trading ahead of its impending launch.
Nomura Securities and Bank of Tokyo Mitsubishi UFJ join the existing group of banks that initially signed up to the initiative, taking the total number of founder members to 11.
"We are pleased to partner with Tradition to provide a new highly compliant FX spot trading market infrastructure," said Akira Hoshino, global head of FX trading at Bank of Tokyo Mitsubishi UFJ. "We look forward to trading on the platform and expect it to become a leading player in the spot FX market."
TraFXpure is based on Tradition technology and offers spot FX trading in all CLS currencies for any market participant that is able to settle via CLS. The market will also aim to eliminate the advantages of technology that some members may have through specially designed matching logic. The market is also undergoing rebrand as ParFX, a recently formed company that will operate as a wholly-owned subsidiary of Tradition.
Barclays, BNP Paribas, Deutsche Bank, Morgan Stanley, Royal Bank of Canada, SEB, Standard Chartered, State Street and UBS have already signed up to the initiative.
"We are greatly encouraged by the support being shown by such a large number of significant participants in the spot FX market," said Daniel Marcus, global head of strategy and business development at Tradition. "The diversity of the group illustrates the growing momentum of ParFX. We now have more than 20 of the largest banks in the world testing the platform as well as eight independent software vendors."