TraFXpure Becomes ParFX In Readiness For Launch As Two Further Banks Sign Up
by
Andrew Saks McLeod
International broker-dealer Tradition has confirmed that two further banks have committed to the support of the TraFXpure spot forex Trading Platform, following their founder testing and addition of a series of initial banks as reported by Forex Magnates in October 2012 during their founder testing period in readiness for what is now an imminent launch.
Tradition's presence in this market segment is not inconsiderable. They are represented in 28 countries internationally, and employ 2,400 members of staff. Holdings group Compagnie Financiere Tradition (CFT) is listed on the Swiss stock exchange, with regulatory bodies overseeing their activities on the global market including the FSA, SEC and the CFTC.
During the first six months of 2012, trading conditions were difficult across the market, and this affected most of the industry as a whole. However Tradition's consolidated net corporate profits increased by very slightly as reported here. This took into account the 3.7% drop by Giatame, Tradition's Japanese operation, caused by tax reforms and leverage restrictions in Japan. The launch of ParFX will be an interesting product to follow in terms of Tradition's corporate performance over the coming year.
The latest financial institutions to join the list of founders are The Bank of Tokyo Mitsubishi UFJ and Nomura Securities, further substantiating the desire of the wholesale spot FX market to operate a new way of trading.
Further final preparations before launch include the renaming of the platform to a recently formed company name ParFX, which is a wholly owned subsidiary within the Tradition Group.
Speaking on behalf of The Bank of Tokyo Mitsubishi UFJ, Akira Hoshino, Global Head of FX Trading said: "We are pleased to partner with Tradition to provide a new highly compliant spot forex trading market infrastructure. We look forward to trading on the platform and expect it to become a leading player in the Spot FX market."
Jai Rajpal, Global Head of Foreign Exchange at Nomura, said: "Nomura is committed to providing our FX clients with best execution, Liquidity and transparency. We are delighted to be part of the ParFX initiative, which will help improve access and reduce trading costs for all market participants."
Daniel Marcus, Managing Director, Strategy and Business Development at Tradition, commented: "We are greatly encouraged by the support being shown by such a large number of significant participants in the spot FX market. 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 8 ISVs. We are very much looking forward to the imminent launch of ParFX".
International broker-dealer Tradition has confirmed that two further banks have committed to the support of the TraFXpure spot forex Trading Platform, following their founder testing and addition of a series of initial banks as reported by Forex Magnates in October 2012 during their founder testing period in readiness for what is now an imminent launch.
Tradition's presence in this market segment is not inconsiderable. They are represented in 28 countries internationally, and employ 2,400 members of staff. Holdings group Compagnie Financiere Tradition (CFT) is listed on the Swiss stock exchange, with regulatory bodies overseeing their activities on the global market including the FSA, SEC and the CFTC.
During the first six months of 2012, trading conditions were difficult across the market, and this affected most of the industry as a whole. However Tradition's consolidated net corporate profits increased by very slightly as reported here. This took into account the 3.7% drop by Giatame, Tradition's Japanese operation, caused by tax reforms and leverage restrictions in Japan. The launch of ParFX will be an interesting product to follow in terms of Tradition's corporate performance over the coming year.
The latest financial institutions to join the list of founders are The Bank of Tokyo Mitsubishi UFJ and Nomura Securities, further substantiating the desire of the wholesale spot FX market to operate a new way of trading.
Further final preparations before launch include the renaming of the platform to a recently formed company name ParFX, which is a wholly owned subsidiary within the Tradition Group.
Speaking on behalf of The Bank of Tokyo Mitsubishi UFJ, Akira Hoshino, Global Head of FX Trading said: "We are pleased to partner with Tradition to provide a new highly compliant spot forex trading market infrastructure. We look forward to trading on the platform and expect it to become a leading player in the Spot FX market."
Jai Rajpal, Global Head of Foreign Exchange at Nomura, said: "Nomura is committed to providing our FX clients with best execution, Liquidity and transparency. We are delighted to be part of the ParFX initiative, which will help improve access and reduce trading costs for all market participants."
Daniel Marcus, Managing Director, Strategy and Business Development at Tradition, commented: "We are greatly encouraged by the support being shown by such a large number of significant participants in the spot FX market. 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 8 ISVs. We are very much looking forward to the imminent launch of ParFX".
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Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
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Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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