Institutional peer-to-peer netting service Siege FX has hired Global Business Manager and Derivatives Trader Christopher Dudley as a Product Manager in London this month, according to market sources.
He moved to the firm from Bloomberg, where he spent more than seven years in various roles.
Dudley had joined the company as an FX Derivatives Application Specialist in 2012, before taking up a new position at Bloomberg’s global FX core business.
His responsibilities included the management of BFIX FX benchmark.
Prior to this, he worked in currency options at Westpac for nine years.
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Earlier in his career, Dudley was a Vice President Currency Options at Republic National Bank and served in a similar role at the Bank of Montreal later.
Peer-to-peer FX netting
Siege FX is an information technology and services firm founded in 2017, offering pre-trade peer-to-peer FX netting to Institutional clients.
Technology provider Siege FX said in an interview in early 2019 that they will roll out peer-to-peer netting, as the FX space is ready for such as service.
While there had been calls from buy-side market participants for a fair and transparent netting service for several years, no such tool had emerged for financial institutions active in the FX industry until then.
Netting even 20% of orders can reduce execution costs by more than 50%, according to the firm.