Tradition Plans Forex Exchange Ahead of New Rules

Reuters – By Luke Jeffs – May 30, 2012

(Reuters) – Tradition, the inter-dealer broker, plans to build a foreign exchange trading platform with five major banks to prepare for new rules designed to make the $4 trillion a day forex markets more transparent.

Reuters/Brendan McDermid

Tradition, part of Swiss group Compagnie Financiere Tradition, said on Wednesday it would launch traFXpure as a “low cost, convenient and equitable venue” for dealing foreign exchange at the end of this year.

The broker said the service is backed by Barclays, BNP Paribas, Deutsche Bank, Royal Bank of Canada and UBS, and it expects to add other banks to the list “over the next few weeks”.

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