ParFX, the wholesale electronic trading platform owned by Compagnie Financiere Tradition, has issued an announcement outlining the introduction of a new currency to its platform- the Hungarian forint (HUF).
Hungarian forint trading became increasingly popular in the aftermath of the global financial crisis of 2008, when the government of the country was forced to take aid from the European Commission and the International Monetary Fund (IMF). At present about 90 per cent of all Hungarian forint trading is conducted outside of the country.
Senior Spot Emerging Markets Trader at UBS, Gary Harcombe, elaborated: “The Hungarian forint has met a number of important milestones in recent years, becoming one of the world’s top 25 most traded currencies, and more recently, gaining eligibility for CLS settlement. Its inclusion reduces the risk and funding required to trade the forint and lays the foundations for further growth.”
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ParFX will be offering the most traded pair that includes the Hungarian forint, the EUR/HUF. The new offering follows up on the decision to include the forint in the CLS settlement system.
In addition, ParFX is adding a new set of CLS-eligible currency pairs: AUD/JPY, NZD/JPY, USD/SEK, USD/NOK and USD/DKK.
The CEO of ParFX, Dan Marcus, commented on the anouncement: ”The addition of the Hungarian forint and other currency pairs is in line with our aim to increase ParFX’s global reach – both in terms of the range of participants and currencies traded.
“The HUF in particular has been identified as a currency with considerable growth potential, and there is strong interest from customers to trade it in the fair and transparent environment offered by ParFX,” he concluded.