January 13, 2023 - Siege, an institutional All-to-All FX matching service which launched in February 2021 announced that 2022 was a year of growth whilst also marking the release of additional services.
Siege’s first service, MidPool, was launched in February 2021. MidPool is an anonymous and continuous Spot matching service at a regulated mid-rate. This service experienced growth as more participants connected, either directly or through trading algorithms. MidPool ended the year with more than 60 buy-side and bank participants building and benefiting from zero impact liquidity.
After further investment to enhance their technology stack to support multiple trading protocols, Siege launched NetFix™ in September 2022, an anonymous mechanism designed to match offsetting fixing orders in advance of the publication of an FX benchmark. Providing fully automated session matching, Banks, Asset Managers, Pension Funds and Corporates benefit from earlier access to liquidity without tracking error, no information leakage and reduced trading congestion in the Fix calculation windows.
Following the introduction of both NetFix™ and MidPool Siege aims to connect with 10 of the largest 20 Banks and 15 of the top 20 Asset Managers.
Siege also has a pipeline of new services currently in development. This includes NetBook, planned for launch later in 2023. which aims to deliver Asset Managers and banks an innovative approach to order compression and block order trading across all cash FX instruments.
“2022 proved to be a busy and successful year for Siege as we added new buy-side and bank participants to our network and launched NetFix,” said Claude Goulet, CEO of Siege. “Looking forward there are many more clients in the process of onboarding and we have identified with them several workflows which will benefit from the Siege platform. These new services are developed in collaboration with our participants across both banks and buy-side firms; NetBook, which we plan to launch later this year, is a perfect example.”
He added, “We would like to thank our clients and partner firms for their support in 2022 and look forward to another successful year of growth.”
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