ParFX has announced the completion of the first trades via ParFX Prime, its new prime brokerage service for the buy-side FX community. ParFX Prime was launched to enable buy-side customers to trade through their prime broker on a post-trade disclosed basis, alongside the growing community of banks already trading on the platform. The first successful trades were completed on 28 August by London-based GSA Capital and New-York-based Virtu Financial. Prime banks live at the launch of the service include Citi and Deutsche Bank.
Dan Marcus, CEO of ParFX, comments: “The prime brokerage model is a key avenue for buy-side participants to exchange risk, but has been taken advantage of by disruptive traders due to anonymity and a lack of transparency surrounding it. We have developed this solution as a direct response to this growing concern and have been overwhelmed by interest in our prime solution to date.”