{"id":174288,"date":"2022-09-06T09:57:14","date_gmt":"2022-09-06T09:57:14","guid":{"rendered":"https:\/\/theotcspace.com\/?p=174288"},"modified":"2022-09-06T09:57:14","modified_gmt":"2022-09-06T09:57:14","slug":"siege-fx-announces-the-launch-of-netfix","status":"publish","type":"post","link":"https:\/\/theotcspace.com\/siege-fx-announces-the-launch-of-netfix\/","title":{"rendered":"Siege FX announces the launch of NetFix"},"content":{"rendered":"<p>Siege, the FX Dark Pool provider, today announced the launch of its new service NetFix\u2122.\u00a0This follows the successful first Spot trades which were completed among a group of early participants on 26<sup>th<\/sup>\u00a0July 2022 at the WMR 4pm Fix.<\/p>\n<p>NetFix\u2122 is an anonymous mechanism designed to match offsetting fixing orders in advance of the publication of an FX benchmark. Providing fully automated session matching,\u00a0Banks, Asset Managers, Pension Funds and Corporates benefit from earlier access to liquidity, zero information leakage and reduced trading congestion within Fix calculation windows.<\/p>\n<p>Participants remain anonymous as NetFix\u2122\u00a0is connected to a top tier prime broker bank, which acts as a central counterparty for each matched trade.<\/p>\n<p>Supporting all currency pairs, NetFix\u2122 offers the flexibility of a series of cascading matching rounds for each different fixing, operating at set times, through which offsetting orders are matched. Although the fixing rate is unknown until publication of the Fix, orders filled in NetFix\u2122 are binding.<\/p>\n<p>\u201dIn the past, fixing workflows resulted in information leakage, which often led to disproportionate market moves immediately before the publication of a Fix benchmark,\u201d said\u00a0<strong>Sang Lee, Head of Products and Strategy at Aite-Novarica.<\/strong>\u00a0\u201cBy offering anonymous matching, participants benefit from getting their orders executed at a Fix price which hasn\u2019t been adversely impacted by speculative traders acting on information leakage.\u201d<\/p>\n<p>\u201cNetFix delivers innovation in Spot FX Fixing, allowing all participants to place orders on an anonymous basis, using different matching rounds before the publication of a Fix,\u201d said\u00a0<strong>Claude Goulet, CEO of Siege<\/strong>. \u201cDriven by the needs of our Working Group of banks and buy-side firms, we have launched a service which improves fixing workflows for all parties, cuts transaction costs and delivers high rates of automation using our robust and secure\u00a0core matching engine and low latency messaging infrastructure.\u201d<\/p>\n<p>He added, \u201cOur first service, Siege MidPool is already connected to more than 50 buy- and sell-side firms, and most of the major FX trading platforms, so we expect these participants to onboard to NetFix quickly.\u201d<\/p>\n<p>Siege FX operates Dark Pools for FX. In addition to NetFix it has been in production with Siege MidPool since February 2021, a fully anonymous continuous Spot matching service at a regulated mid-rate.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Siege, the FX Dark Pool provider, today announced the launch of its new service NetFix\u2122.\u00a0This follows the successful first Spot trades which were completed among a group of early participants &#8230; <\/p>\n<div><a href=\"https:\/\/theotcspace.com\/siege-fx-announces-the-launch-of-netfix\/\" class=\"more-link\">Read More<\/a><\/div>\n","protected":false},"author":10,"featured_media":174290,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[50,1],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/theotcspace.com\/wp-json\/wp\/v2\/posts\/174288"}],"collection":[{"href":"https:\/\/theotcspace.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/theotcspace.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/theotcspace.com\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/theotcspace.com\/wp-json\/wp\/v2\/comments?post=174288"}],"version-history":[{"count":2,"href":"https:\/\/theotcspace.com\/wp-json\/wp\/v2\/posts\/174288\/revisions"}],"predecessor-version":[{"id":174292,"href":"https:\/\/theotcspace.com\/wp-json\/wp\/v2\/posts\/174288\/revisions\/174292"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/theotcspace.com\/wp-json\/wp\/v2\/media\/174290"}],"wp:attachment":[{"href":"https:\/\/theotcspace.com\/wp-json\/wp\/v2\/media?parent=174288"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/theotcspace.com\/wp-json\/wp\/v2\/categories?post=174288"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/theotcspace.com\/wp-json\/wp\/v2\/tags?post=174288"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}