just now
February 18, 2021 - Siege FX, a buy-side peer-to-peer (P2P) foreign exchange netting service provider has announced today that it is live with its first members’ group.
Today's press release from SiegeFX states that, "Buy-side firms can now add innovative P2P trading to their existing FX capabilities. The Siege FX service creates a new and diverse liquidity pool to reduce execution costs and minimise market impact while meeting or exceeding regulatory requirements."
With the initial support of more than 30 leading financial institutions, including asset managers, pension funds, corporate treasuries and family offices, Siege introduces a P2P architecture that complements existing workflows, processes and trading relationships.
Buy-side clients can access Siege via FIX API, its User Interface, certified market leading Execution Management Systems & FX Trading Platforms, as well as partner bank FX algorithms across multiple distribution venues.
Siege CEO Claude Goulet said, “We are very excited to come to market with a trusted P2P solution for our clients. Siege brings together the buy-side through a peer-driven set of rules and in partnership with leading FX banks and infrastructure providers. We thank our buy-side members, as the success of any P2P environment is based on participation levels. Having these firms take the first steps with Siege has been crucial and provides us with the foundation to expand the Siege membership community”
Siege was established with the goal of creating a trusted environment where buy-side members have the ability to net offsetting orders before going to lit markets, reducing information leakage and minimising market impact. Siege's in-house technology identifies netting opportunities in a continuous real-time process and provides the oversight and surveillance functions agreed upon with the Siege buy-side community. Netted trades are materialised at the FCA-regulated New Change FX benchmark mid-rate and booked against central counterparties on the 360TGTX platform in partnership with Deutsche Börse.
Siege FX Limited is a private company registered in the UK as a financial technology provider.
