Societe Generale SA (GLE) has become the 12th founder bank to join Tradition’s ParFX electronic currency-trading platform, an alternative to ICAP Plc’s EBS and Thomson Reuters FXall.
France’s second-biggest bank will be involved in governance, and development of the product, ParFX said in an e-mailed statement today.
Bank of America Merrill Lynch last month became the first non-founder bank to begin trading on ParFX, which started operating in April. The platform expects several more banks to connect in coming months, it said.
Bank of America is the world’s 10th-largest currency trader with 3.08 percent of market share, according to an annual Euromoney Institutional Investor Plc poll.
Bloomberg LP, parent company of Bloomberg News, also operates a currency-trading platform.
Tradition, an inter-dealer broker for over-the-counter financial and commodity-related products, is a unit of Lausanne, Switzerland-based Cie Financiere Tradition SA. (CFT)