After testing with member banks and software vendors, the platform is now open to all finance firms able to settle via CLS.

Tradition says that its new system uses unique execution logic to ensure a fair trading environment and offers trade cycle transparency and low cost and easy access through an industry-standard FIX protocol API.

Trading costs are incorporated into actual transactions and priding 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.

Daniel Marcus, global head, strategy and business development, Tradition, says: "The support ParFX has received from some of the biggest spot FX market players in the world shows the appetite for a platform where all participants can engage on an equal footing.

"We believe that this, coupled with lower costs and greater transparency, positions ParFX as the premier option for those parties committed to providing clients with superior liquidity, transparency and execution."

Meanwhile, Rob Parr, former head of Emea sales at Bloomberg - where he was responsible for the Tradebook FX platform - has joined ParFX as global head of business development.

Reporting to COO Roger Rutherford, Parr will be responsible for spearheading the nascent platform's global sales effort among tier 1 and 2 banks not already signed up, such as Citi and JPMorgan Chase.