Siege FX Announces the Launch of Anonymous Spot FX Matching Solution NetFix

Siege, the FX Dark Pool provider, today announced the launch of its new service NetFix, 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, zero information leakage and reduced trading congestion within Fix calculation windows. Participants remain anonymous as NetFix is connected to a top tier prime broker bank, which acts as a central counterparty for each matched trade.

"In the past, fixing workflows resulted in information leakage, which often led to disproportionate market moves immediately before the publication of a Fix benchmark,"said Sang Lee, Head of Products and Strategy at Aite-Novarica."By offering anonymous matching, participants benefit from getting their orders executed at a Fix price which hasn't been adversely impacted by speculative traders acting on information leakage."

"NetFix 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,"said Claude Goulet, CEO of Siege."Driven 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 core matching engine and low latency messaging infrastructure."

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.