International law firm Freshfields Bruckhaus Deringer has advised a consortium of banks on the establishment of ParFX, a new spot FX trading platform, in conjunction with leading global interdealer broker Tradition

The consortium of banks included Barclays, BNP Paribas, Deutsche Bank, Morgan Stanley, Nomura, Royal Bank of Canada, SEB, Standard Chartered, The Bank of Tokyo-Mitsubishi UFJ and UBS.

ParFX is focused on a growing requirement for and from the market to promote transparency and equality in trading for all participants. The platform is intended to benefit the entire marketplace and aims to deliver a genuinely level playing field with high-quality, efficient execution for all users.

The Freshfields team was led by the firm’s global head of market infrastructure practice, Sundeep Kapila, and senior associate Lauren Honeyben, supported by associate Chetan Sheth.

Sundeep Kapila commented, “The launch of ParFX represents a significant shift in trading execution and transparency and is yet another example of how technological innovation is affecting the market and the economy. We are delighted to have been able to support the consortium in establishing ParFX, drawing heavily on our corporate, regulatory, anti-trust and IT expertise from around the world.”