Everybody is talking about the SIREN benchmark

“SIREN is the most sophisticated alternative to the [Refinitiv] foreign exchange benchmark, for sure. There isn’t anything else like SIREN available in the market at the moment” 

" The length of the process means the new benchmark offers a much neater and cleaner way of arriving at fair value"

" Some asset managers could be expected to use the benchmark to demonstrate compliance with principle nine of the global FX code, which states they should regularly review their execution and seek the best deals for their investors "

Some rivals have sought to capitalise on concerns and in April a benchmark called SIREN was launched by Raidne, a company which provides analytics and trade surveillance. This is calculated using an algorithm over a 20-minute window. "

“Reducing cost and improving performance is absolutely fundamental, especially as the impact of any cost reduction on a like-for-like basis compounds over time.”