NY-CÜREX-GROUP-HOLDINGS
13.4.2022 15:02:13 CEST | Business Wire | Press release
The Cürex Group, a New York City-based institutional foreign exchange execution services and data analytics company, today announces an agreement with Siemens to provide it with advanced pre- and post-trade data analytics through Cürex’s CipherSM platform.
Siemens and Cürex have maintained an FX trading relationship since Cürex introduced its unique, no-last look ECN and executable FTSE Russell/Cürex FX Benchmarks. As a leader and promoter of best execution practices, Siemens has supported Cürex’s efforts to bring greater transparency and fairness to the buy side community. Siemens’ decision to employ Cipher will help them better manage their FX trading decisions, lower their trading costs and improve their 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. Cipher comprises comprehensive 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. Cipher’s pre-trade suite includes a trade cost estimator, risk transfer price comparison and streaming volatility analysis, among other features. Cipher’s 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.
Commenting for Cürex, James Singleton, Chairman and CEO, said, “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.”
Peter Rathgeb, 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.”
About Cürex Group
Cürex Group Holdings, LLC is a foreign exchange focused execution services and data analytics provider. Cürex operates an FX ECN with robust no last look liquidity and complete transparency. Our unique market and trading analytics delivers meaningful intelligence to our customers. Our FTSE Russell/ Cürex FX Benchmarks provide real time measurements to assess trading results and provide valuation metrics. Our mission is to work in partnership with our clients to add unparalleled clarity to all their foreign exchange activities. Cürex is headquartered in New York City and independently owned and operated. For more information, visit www.curexgroup.com
About Siemens
Siemens AG (Berlin and Munich) is a technology company focused on industry, infrastructure, transport, and healthcare. From more resource-efficient factories, resilient supply chains, and smarter buildings and grids, to cleaner and more comfortable transportation as well as advanced healthcare, the company creates technology with purpose adding real value for customers. By combining the real and the digital worlds, Siemens empowers its customers to transform their industries and markets, helping them to transform the everyday for billions of people. Siemens also owns a majority stake in the publicly listed company Siemens Healthineers, a globally leading medical technology provider shaping the future of healthcare. In addition, Siemens holds a minority stake in Siemens Energy, a global leader in the transmission and generation of electrical power.
In fiscal 2021, which ended on September 30, 2021, the Siemens Group generated revenue of €62.3 billion and net income of €6.7 billion. As of September 30, 2021, the company had around 303,000 employees worldwide. Further information is available on the Internet at www.siemens.com .
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