Siemens To Take FX Analytics from Cürex
Posted by Colin Lambert. Last updated: April 14, 2022
Siemens Group has signed an agreement with Cürex to take the latter’s pre‐ and post‐trade data analytics through its Cipher platform.
Siemens and Cürex have maintained an FX trading relationship since Cürex introduced its no‐last look ECN and executable FTSE Russell/Cürex FX benchmarks and the firms say the decision to employ Cipher will help Siemens better manage its FX trading decisions, lower its trading costs and improve its trading outcomes. Siemens has also agreed to provide input to Cürex in the future as it introduces additional tools and enhancements to the Cipher platform.
Cürex introduced Cipher in mid‐2021. It comprises pre‐ and post‐ trade analytics, as well as real‐time analytics that are available to customers who execute their algo trades in Cürex’s liquidity pool.
The pre‐trade suite includes a trade cost estimator, risk transfer price comparison and streaming volatility analysis, among other features. Post‐trade TCA allows customers to measure relative bank algo performance based on Cürex’s independently-derived benchmarks, risk transfer comparison, slippage and performance against the market’s existing conditions at the inception of the client’s trading decision. Cipher’s ability to link post‐trade outcomes with pre‐trade conditions is fundamental to improving FX trading performance, Cürex says.
“Siemens is a sophisticated and valued client,” says James Singleton, chairman and CEO. “They have supported our efforts to improve the buy side’s trading outcomes in a marketplace where there is minimal support to achieve such outcomes. Their decision to use Cipher underscores the value of Cipher’s streaming analytical content. Our data drives better insights compared to the alternatives available through other providers. We are grateful for Siemens’ endorsement of our platform and our best execution efforts.”
Peter Rathgeb, group treasurer for Siemens, adds, “In today’s fast changing environment, digitalization and interdisciplinary collaboration are key drivers of innovation and business success. Our longstanding partnership with Cürex led to the development of a unique and independent trading analytics platform that will help us monitor and achieve best execution protocols and further transparency in our FX trading activities. We are pleased to continue to build our relationship with Cürex and support their efforts to improve trading outcomes for the buy side.”