Siege FX Live with More Than 60 Participants
2022 saw Siege increase the number of participants on its platforms. This is set to continue in 2023 with several leading FX banks, Asset Managers and other buy-side firms being onboarded across new additional services.
London, 13th January 2023: For Siege, 2022 was a year of growth and marked the beginning of additional innovative services being released.
Siege’s first service, MidPool, was launched in February 2021. MidPool is a fully 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 enhancing its technology stack to support multiple trading protocols, the firm 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.
As both NetFix™ and MidPool continue to attract participants, Siege will soon be connected 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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