Currency Market ParFX Welcomes First HFT Firms
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The ParFX currency market set up to prevent bad behavior by the fastest traders is now courting their business in an attempt to attract volume.
The foreign-exchange market created by Cie. Financiere Tradition SA processed the first orders on behalf of high-frequency traders -- New York-based Virtu Financial Inc. and London-based GSA Capital Partners LLP -- last month. A further five firms will join the pilot stage in the next week.