Siren is a new foreign exchange fixing benchmark which aims to provide an alternative to the WM/Reuters (WMR) benchmark that has been the subject of manipulation allegations.
The creator of Siren claims that as well as being less susceptible to market impact, the new benchmark will also be harder to manipulate.
Siren is calculated and published every 30 minutes throughout the day from 10pm GMT on Sunday through to 5pm EST on Friday. An article published by FX Markets explores Siren in depth, looking at how it differs from the Refinitiv 4pm fix as well as the anticipated reaction of market participants to this new benchmark.
Abhishek Sachdev, founder and CEO of Vedanta Hedging was asked by FX Markets to share his thoughts on Siren:
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
You’re going to see a lot of resistance and natural inertia in the City of London towards alternative benchmarks, especially among large asset managers and pension funds as they’re used to doing things in a certain way, so it may not be easy for them to undertake the changes that are being proposed to them
Please see below for full article. You can also access the full article by clicking on the following link and registering: https://www.fx-markets.com/tech-and-data/7835481/new-benchmark-aims-to-break-4pm-fix-hegemonyNew benchmark aims to break 4pm fix hegemony - FX Markets (2)