Duprey New CEO at Raidne
Posted by Colin Lambert. Last updated: February 16, 2022
Independent quantitative surveillance firm Raidne, the inventor of the Siren FX benchmark, has appointed experienced industry professional Paul Duprey as its chief executive officer.
Duprey brings with him over 25 years of experience in institutional FX sales at HSBC, as well as previous time spent overseeing the bank’s global custody FX activity. In recent years, he has acted as independent consultant to the institutional client sector, bringing, Raidne says “a comprehensive insight into the operational concerns and imperatives of the buy-side community”.
The firm says the appointment bolsters a push by Raidne for fairer more transparent benchmark rates and the company’s ongoing contribution towards a historical shift in FX culture, namely as best execution gradually becomes default practice. Raidne offers the FCA-regulated Siren benchmark in competition with the more established WMR FX benchmark fixes, calculating the fixing over a 20-minute window, compared to WMR’s five-minute methodology, with the first Siren trade being executed last year.
“I am delighted to join the Raidne team and have the opportunity to support challenging the existing market structure,” says Duprey. “Institutional investors have needed an alternative to WMR for many years. Despite WMR publicly confirming that it should only be used as a valuation rate not a trading rate, industry practice and a lack of a viable alternative constrained choice.
“This all changed with the launch of Siren in January 2021,” he adds. “In contrast to existing options, Siren has been specifically designed as an executable benchmark and therefore, it is a compelling alternative to the WMR series.”