The Cürex Group, a New York City-based institutional foreign exchange execution services and data analytics company, said on Wednesday that it reached an agreement with Siemens to provide it with advanced pre- and post-trade data analytics through Cürex’s Cipher platform.
According to the press release, Siemens and Cürex have maintained an FX trading relationship since Cürex introduced its FTSE Russell/Cürex FX Benchmarks. In mid-2021, Cürex introduced Cipher. In addition to comprehensive pre- and post-trade analytics, Cipher offers real-time analytics to customers who execute their algo trades within Cürex’s liquidity pool. Cipher’s pre-trade suite includes trade cost estimators, risk transfer price comparisons and streaming volatility analysis, among other features.
FX Trading in Cipher
Through Cipher’s post-trade TCA, customers can 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 time of the client’s trading decision. FX trading performance can be improved by Cipher’s ability to link post-trade outcomes with pre-trade conditions.
“Siemens is a sophisticated and valued client. 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,” James Singleton, the Chairman and CEO of Cürex, commented.
Moreover, Peter Rathgeb, the Group Treasurer for Siemens, added: “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.”
