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."