After testing with member banks and software vendors, the platform is now open to all finance firms able to settle via CLS. ParFX aims to provide a spot FX environment where advanced technology does not confer the ability to gain economic advantage, and stability is paramount.

Tradition says that its new system uses unique execution logic to ensure a fair trading environment and offers trade cycle transparency and low cost, easy access through an industry-standard FIX protocol API. Trading costs are incorporated into actual transactions and pricing is set equally for all users, while market data is distributed in parallel to all active participants.

The Bank of Tokyo Mitsubishi UFJ, Barclays, BNP Paribas, Deutsche Bank, Morgan Stanley, Nomura Securities, Royal Bank of Canada, SEB, Standard Chartered, State Street and UBS are all onboard as founder members.

Initially it will be open to sell-side institutions able to settle through CLS, the platform will eventually be open to buy-side business.