Reduces $341 billion in SA-CCR Effective Notional across global bank network in record-breaking 26^th multilateral optimization run

NEW YORK–(BUSINESS WIRE) — Capitolis, the technology company helping to create safer and more vibrant capital markets, has gained significant momentum in its Portfolio Optimization business in the first half of 2023. The company’s latest optimization run drove a record reduction of $341 billion in SA-CCR (Standardized Approach for Counterparty Credit Risk) Effective Notional and included a record number of 20 entities. The run optimized for SA-CCR as well as additional objectives while being flexible to accommodate a multitude of constraints. As the Capitolis network continues to expand, both existing and new customers are seeing increased benefits from the network effect.

“We are very pleased with the momentum our Portfolio Optimization business continues to achieve. Our algorithms are constantly improving, and the results have been better than expected,” said Gil Mandelzis, CEO & Founder, Capitolis. “We entered 2023 with the goals of expanding the size of our participating network to drive more value for all participants, introducing innovation to further streamline the execution process, and launching additional optimization opportunities. Our latest run concentrated on SA-CCR and additional objectives, with record-breaking results and a record number of participants, is a further advancement toward these goals.”

The SA-CCR framework, which seeks to normalize and standardize the capital requirements on derivatives portfolios for financial institutions, has been phased in globally over the last few years to provide a uniform and standardized method by which financial institutions will be required to measure exposures and ultimately manage and capitalize against. Capitolis’ Portfolio Optimization exercises deliver significant reductions in exposures calculated under SA-CCR and additional objectives.

Capitolis now enables automation of agency novation while maintaining anonymity; a first of its kind for the FX options market

NEW YORK–(BUSINESS WIRE) — Capitolis, the technology company reimagining capital markets, announced a significant innovation to its groundbreaking automated novation service in foreign exchange (FX): it can now novate agency trades while maintaining anonymity. This unlocks more of the FX options market for novations by including agency flow and further helps to reduce risk, notional and capital footprint.

Agency novation is a very complex workflow. It requires maintaining anonymity throughout the entire process, and many participants are involved. For these reasons, very few agency novations have been performed up until this point. The FX industry needed a trusted partner with the experience, network and relationships throughout the entire FX options market to get this done. Capitolis is that partner.   

Capitolis worked with industry participants for over a year to understand the various market needs and develop its agency offering. The automation of agency flow novations now allows for the collapsing of nearly all boxed FX option positions and the ability to execute a novation even in the most complicated cases. 

“We challenged Capitolis to deliver technology to facilitate agency novation and they delivered,” said Marcus Butt, Global Head of Prime Services at NatWest. “The improved operational efficiencies remove much of the friction that previously impeded these novations. As a result, we anticipate clients more actively optimizing their portfolios.”

“We usually insist that our portfolio managers trade in and out with the same agency brokers, but with this new feature in the Capitolis novation platform, we no longer mandate that requirement,” said Gaurav Prinja, Head of Compression at Brevan Howard. “Now our portfolio managers have a wider liquidity pool from which to choose.”

Since launching the novation service five years ago — the first of its kind for the FX options market — volumes continue to grow. To date, Capitolis has novated over 81,000 trades and reduced total notional by over $9 trillion.

“We partnered closely with industry participants to understand their needs and delivered on them. I’m thrilled that Capitolis is the only provider that can offer agency novation,” said Gil Mandelzis, CEO & Founder of Capitolis. “Our network continues to grow, and we see huge potential as we safely expand execution opportunities within the FX options market, while further helping to reduce its risk and capital footprint.”

To learn more about the Capitolis novations solution, visit https://capitolis.com/novations.

On the heels of its security-based swap dealer registration, Capitolis’ subsidiary has submitted an application to become a registered broker-dealer in anticipation of new products

NEW YORK–(BUSINESS WIRE) — Capitolis, the technology company reimagining financial markets, announced that its subsidiary, Capitolis Global Broker Dealer LLC, has applied to become a broker-dealer. This is the next step in Capitolis’ journey to provide innovative solutions to the market in order to keep the capital markets both safe and vibrant. This application is currently being reviewed and subject to approval by the necessary regulatory bodies.

At the beginning of this year, Capitolis announced its subsidiary, Capitolis Liquid Global Markets LLC (CLGM), was conditionally registered as a security-based swap dealer (SBSD) in support of its ground-breaking equity swap financing solution. Its next pursuit in standing up a broker-dealer will allow Capitolis to launch additional products that have been in development for quite some time.

“The registration of a broker-dealer, on the back of our introduction of an SBSD, will allow us to expand our product offerings and propel our already strong momentum,” said Gil Mandelzis, Founder & CEO of Capitolis. “Both initiatives have been in the making for a very long time, led by our team and advisors, and we are exceptionally grateful for their hard work and brilliance.”   

The Company has also announced that David Lamb, Chief Compliance and Risk Officer, has informed them that he intends to retire later this year, after a successful 26-year career in various capacities across the financial services industry. David has been with the Company from the early days and led the establishment of its robust risk management and compliance infrastructure. He was also instrumental in establishing Capitolis’ SBSD and broker-dealer initiatives. David will continue to fully perform his current responsibilities until later this year while Capitolis is actively working to identify his successor.

“I’m humbled by what I’ve been able to see Capitolis accomplish over the past six years. I am proud of the robust infrastructure we have built for managing compliance and risk,” Lamb said. “It’s been amazing building innovative solutions for important parts of the capital markets infrastructure. Planning towards my retirement has been a long time in the works, and I am excited to begin that chapter of my life later this year, however I’m going to truly miss the incredible people I work with every day.”

“Dave is an incredible friend,” said Mandelzis. “He was part of the early ideation process to develop the vision for Capitolis well before we even started the company and joined us a short while after we began operating. We are grateful for all he’s done to stand up the necessary infrastructure around compliance and risk for Capitolis, along with the work he has contributed to enable our recent SBSD registration and broker-dealer application filing—both meaningful undertakings that have taken a lot of time and effort to achieve. With those behind us, I am very happy for Dave as he works toward a well-deserved retirement later this year.”

While Capitolis actively works to identify David’s successor, he will continue to fully perform his current responsibilities.

Capitolis ranks #2 in the Finance category for innovations facilitating how businesses manage their fiscal assets

New York, New York, March 2, 2023 — Capitolis, the technology company reimagining capital markets, has been named to Fast Company’s prestigious annual list of The World’s Most Innovative Companies for 2023, the premier showcase for organizations that are moving the world forward.

These companies are setting the standard with some of the greatest accomplishments of the modern world. Capitolis has earned the standing of No. 2 in the Finance category for innovations facilitating how businesses manage their fiscal assets. This year’s list highlights the businesses at the forefront of their respective industries, paving the way for the innovations of tomorrow.

“Capitolis’ mission is to strengthen capital markets by reducing risk, increasing stability, unlocking capital efficiency, and adding diversified capital to the system,” said Gil Mandelzis, CEO & Founder, Capitolis. “We are thankful to Fast Company for recognizing our unique problem-solving approach to eliminating unnecessary risk and complexity, reducing interconnectedness, and ensuring the system can thrive in its safer state for the benefit of all.”

In November 2022, Capitolis was named to Fast Company’s second-annual Next Big Things in Tech list, honoring technology breakthroughs that promise to help define the future of the industries they serve. In 2022, Capitolis was also included on Crain’s 2022 Best Places to Work in New York City list and was named “Best Compression/Optimization Service for FX” at the June 2022 FX Markets e-FX Awards, which seeks to recognize firms that have set the bar in electronic foreign exchange trading with skill, dedication, and creativity.

The World’s Most Innovative Companies is Fast Company’s signature franchise and one of its most highly anticipated editorial efforts of the year. It provides a firsthand look at the inspiring and innovative efforts of companies across all sectors of the economy. Fast Company’s editors and writers sought out the companies making the biggest strides around the globe.

“What a strange and thrilling year it has been to honor this year’s Most Innovative Companies. This year’s list compiles some of the most cutting-edge groundbreakers who are changing our world every single day, from legacy organizations like McDonald’s to upstarts like MrBeast and institutions such as NASA. Everyone on this list does something completely, uniquely different, yet, they all have one thing in common: innovation,” said Fast Company editor-in-chief Brendan Vaughan.

Growing network delivers over $290 billion in SA-CCR effective notional reduction for participants

NEW YORK–(BUSINESS WIRE)–Capitolis, the technology company reimagining capital markets, completed its nineteenth Standardized Approach for Counterparty Credit Risk (SA-CCR) optimization in January, with this latest run incorporating a record number of entities, driving a record reduction of over $290 billion in effective notional. This marks another momentous occasion for Capitolis as its Portfolio Optimization business enables both new and existing clients to reap the benefits of the network. Over the last 12 months, Capitolis has enabled a $2.5 trillion reduction in SA-CCR effective notional.

The SA-CCR framework, which seeks to normalize and standardize the capital requirements on derivatives portfolios for financial institutions, has been phased in globally over the past few years to provide a uniform way to calculate counterparty credit exposures. Capitolis continues to innovate with its customers for market needs, making it easier for more participants to join and execute optimization runs while increasing the network effect and benefits for all. As SA-CCR stays top of mind for the industry, Capitolis works hand in hand with each of its clients to deliver on their objectives.

“We are excited by this latest milestone and the overall momentum of our business,” said Gil Mandelzis, CEO & Founder, Capitolis. “Our latest SA-CCR run marks another historic achievement for Capitolis. As we build solutions that promote the safety and stability of the capital markets, we are extremely focused on continuing to deliver meaningful capital benefits in an efficient and timely manner and look forward to introducing more innovative solutions to the market.”

Capitolis’ Portfolio Optimization business has experienced tremendous growth over the past year. Their plan for 2023 is to focus on expanding the size of their network to drive more value for all participants, introduce new innovation to further streamline the execution process and launch additional, new optimization opportunities.

The fintech company registered an SBSD on January 4th

NEW YORK–(BUSINESS WIRE) — Capitolis, the technology company reimagining financial markets, officially announced that its subsidiary, Capitolis Liquid Global Markets LLC, is conditionally registered as a security-based swap dealer (SBSD) as of January 4th. The company’s ground-breaking equity swap financing solution will operate within this structure.

Capitolis was established six years ago to enhance the safety, stability, and vitality of the financial markets. Capitolis’ solutions bring in additional capital to support the financial markets and eliminate unnecessary risk and complexity, so that the system can thrive for the benefit of all. Registering a security-based swap dealer is an additional way, and the next step, in which Capitolis will continue to bring its mission to life.

“After close to a year in the making, we are pleased to have registered a security-based swap dealer,” said Gil Mandelzis, Founder & CEO of Capitolis. “Capitolis looks forward to continuing to fulfill the needs of our clients by building solutions that promote the safety of the system, unlock capital efficiency, and enable growth and prosperity for all.” 

Capitolis has experienced exceptional momentum coming into 2023 and continues to support the financial markets with diversified capital, ensuring a vital and healthy ecosystem for all.

FinTech platform expects to grow team from 50 employees at the beginning of 2020 to 90 employees by year-end.

Capitolis, the leading SaaS platform that drives financial resource optimization for capital markets, today announced the appointment of several key hires across its major growth areas, including its engineering, sales and product teams. The new hires reflect Capitolis’ continued momentum amidst growing industrywide adoption of its proprietary technology platform.

Among the new hires, Capitolis has added Evelina Rosenstein as Sales Manager and Alex Dubost as Business Development Director in London, along with Dr. Petra Wikstrom as Business Development Executive for Buy Side Americas. Meanwhile, the company added 12 new employees to its engineering teams in Tel Aviv and New York to support product development efforts, including Meshi Peer as Director of Engineering.

To support the company’s strong growth trajectory, Capitolis expects to nearly double its headcount from 50 employees at the beginning of 2020 to 90 employees by year-end. As the company continues to drive efficiency for the capital markets, these key hires will help bolster sales efforts, as well as place a continued emphasis on innovation and acceleration of product development. To date, Capitolis has eliminated $5 trillion in overall positions for more than 50 financial institutions, including many of the world’s largest banks, as well as leading hedge funds and asset managers.

“We have enjoyed tremendous growth and momentum this year and must expand the team to support our efforts globally,” said Gil Mandelzis, CEO and founder of Capitolis. “We look forward to continually investing in top talent to advance our mission of transforming the capital markets through collaboration, innovation and technology.”

“We’re excited to welcome all of the new hires to Capitolis and look forward to seeing their contributions across the organization as we seek to create a fairer, safer and healthier marketplace for all participants,” said Tom Glocer, executive chairman of Capitolis.

Prior to joining Capitolis, Rosenstein was Head of Sales, EMEA at Broadway Technology, while Dubost was EMEA Sales and Client Relationship Director at RESET, formerly NEX RESET, now part of CME Group. Wikstrom served as Senior Advisor of Electronic Trading to Greenwich Associates and was Global Head of Execution & Alpha Solutions within FXLM & Commodity Derivatives Sales and Trading at BNP Paribas. Peer joins Capitolis from Como, where she previously served as Vice President of R&D.

Capitolis, which helps financial institutions free up capital and remove barriers that would otherwise restrict trading, enables firms to optimize their balance sheet exposures through collaborative technology by eliminating unnecessary positions and finding the most suitable party to hold the remaining positions.

This hiring announcement follows the recent addition of Lindsey Baptiste, who joined Capitolis as Senior Vice President of Finance, Hen Lotan, who was appointed Chief of Staff and Rahul Auradkar, who was brought on as Chief Product Officer. In addition, Capitolis recently completed a strategic investment from Citi, J.P. Morgan and State Street.

Markit Co-Founder Brings Over 20 Years of Financial Information & Technology Experience to the FinTech Start Up as Board Member and Advisor

Capitolis, the innovative financial technology company that is reimagining how global capital markets operate, today announced the appointment of financial technology industry leader Rony Grushka to its Board of Directors. Rony will also serve as an advisor to the executive team on strategic initiatives.

An industry veteran with extensive experience within technology and financial services, Rony is best known for his role as a co-founder of Markit Group where he played a significant role in building it into one of the world’s most respected financial information companies. During his 13 years with the firm, he was Global Head of Corporate Strategy, Chief Financial Officer, a member of the Executive Management Committee, and Secretary to the Board of Directors. He also led the company’s initial public offering on the NASDAQ stock market.

Gil Mandelzis, CEO and Founder of Capitolis said, “We are thrilled to welcome Rony to our board. His experience building a world-leading financial information company will be a tremendous asset as Capitolis seeks new partnerships with the world’s leading financial institutions and delivers innovative solutions to the market.”

Tom Glocer, Executive Chairman and Co-Founder of Capitolis, added, “Capitolis has now entered a phase of exponential growth. Rony’s experience guiding Markit and other technology companies from early success to IPO will be of great benefit to the board and management team of Capitolis as we scale for success.”

Grushka’s appointment follows Capitolis’ announcement in March that it hired a new Vice President of Engineering and named two leaders to new roles to better support the firm’s rapid growth.

“Capitolis’ platform is truly unique and has established itself as a leader in this fast-growing category. It has the potential to revolutionize how banks, asset managers, hedge funds and other market participants manage their balance sheets. During these challenging times, Capitolis’ services are needed now more than ever,” said Grushka.

In addition to serving on the board of Capitolis, Rony is also a member of the boards of Cappitech, Sygnia, and Puls VATBox. He is also a member of the Court of Governors for the London School of Economics and Political Science in London. Rony holds accounting and finance degrees from the LSE and Tel Aviv University.

Amos Arev named Vice President of Engineering; Igor Teleshevsky named Head of Professional Services; Illit Geller named Chief Business Development Officer

Capitolis, an innovative financial technology company that is reimagining how global capital markets operate, today announced the hiring of Amos Arev as Vice President of Engineering, and the appointments of Igor Teleshevsky as Executive Vice President and Head of Professional Services and Illit Geller as Chief Business Development Officer.

“We’re thrilled to have an incredible team of leaders who are passionate about delivering a ground-breaking technology platform to our clients and making markets safer and more efficient,” said Gil Mandelzis. “These changes will help Capitolis continue to scale at a rapid pace and bring us closer to achieving our goal of revolutionizing capital markets.”

As Vice President of Engineering, Amos Arev leads Capitolis’ engineering efforts globally and drives the continued development of the company’s next-generation suite of products and services. Arev is based in Tel Aviv and reports directly to Capitolis CEO and Founder Gil Mandelzis.

Arev joins Capitolis from LawGeex, where he served as Vice President of Research and Development. Previously, he held C-suite and executive roles at a variety of companies including Skybox Security, Cyren, HexaTier, and Global-e.

Arev succeeds Igor Teleshevsky, who co-founded Capitolis and led the company’s engineering efforts since 2017. In his new role as Head of Professional Services, Teleshevsky focuses on the onboarding, support and ongoing success of Capitolis’ clients. He is relocating to the New York City office.

As Chief Business Development Officer, Illit Geller leads efforts to extend the company’s rapid growth by pursuing new partnerships and collaborations with the larger ecosystem of technology providers and trading platforms in capital markets. Geller joined Capitolis as Chief Product Officer in 2017.

Capitolis, the innovative FinTech company reimagining and reshaping how the global capital markets operate, is pleased to announce the successful completion of its Series B round of $40 million, led by Spark Capital and SVB Capital.

Existing investors, Index Ventures, Sequoia Capital and S Capital also participated in the round, bringing the total capital raised to date to $70 million. The investment will support Capitolis’ next phase of rapid growth, including the expansion of its technology platform, functionality and product offering.

Capitolis has a vision of efficient and safe global markets, achieved by connecting participants through a technology platform to provide maximum capital efficiency and optimization. By utilising proprietary technology, Capitolis has developed a platform through which financial institutions are able to collaborate, reduce capital utilization, and find the most attractive sources of capital, resulting in higher returns on capital and greater liquidity in global markets.

Capitolis was founded in 2016 by Gil Mandelzis, the founder of Sequoia-backed fintech company Traiana (acquired by ICAP) and former CEO of EBS BrokerTec, the electronic markets of division of ICAP plc (now CME Group plc), Tom Glocer, former CEO of Thomson Reuters and Igor Teleshevsky, formerly Executive VP and Head of Technology at Traiana. The company currently has 55 employees in New York City, London and Tel Aviv.

As part of the investment, Jeremy Philips, Partner at Spark Capital, focusing on growth investments, will join the Capitolis board. Jeremy has spent most of his career as an entrepreneur.

Since the introduction of its proprietary platform, Capitolis now has over 50 financial institutions live on its system, that have recorded transaction volumes of $1.5 trillion notional. In 2019 alone, notional transaction volumes have increased by 25x since last year.

The business now has a range of products available to its customers, including;

Novations: Capitolis’ ground-breaking platform that allows users to optimize their positions, view and change their desired parameters and execute resulting optimizations.

Marketplace: Capitolis Marketplace provides clients real-time capability to find through technology the cheapest and most appropriate partner to hold positions executed elsewhere.

Finance: Capitolis Finance helps institutions create new positions to facilitate significant balance sheet efficiencies, while simultaneously providing access to new short-term positions that investors can use for effective cash management, leveraging state of the art workflow technology.

Gil Mandelzis, CEO of Capitolis said; “In less than a year, Capitolis’ platform has been adopted by many of the world’s leading banks and hedge funds and is creating very meaningful resource benefits. Capitolis’ technology has already eliminated trillions of dollars of transactions notional to date, and with the new investments from Spark and SVB Capital, development is underway to expand the functionality and platform further. With our exceptional and growing team and strong appetite for our solutions, we are confident that our technology will be further adopted by institutions around the world.”

Tom Glocer, Executive Chairman of Capitolis said; “It is very gratifying to us that some of the world’s most successful investors have chosen to back our vision for safer, more efficient and more profitable capital markets leveraging Capitolis technology. We now have the funding, the management team, and the core customer adoption to grow Capitolis into a major industry infrastructure and force.”

Jeremy Philips, Partner at Spark Capital said; “The passion and energy that Gil, Tom, and the team bring to transforming the way that capital markets operate are what first caught our attention. Capitolis is on a multi-trillion dollar mission to reduce risk in the global financial system while improving returns. We are privileged to partner with them on this exciting journey.”

Tilli Kalisky-Bannett, Partner at SVB Capital said; “It is the nature of capital markets to constantly innovate, but it is exciting to find businesses that can make such a fundamental leap in how participants interact and improve the management of their portfolios. Gil and the Capitolis team have the potential to unlock intrinsic value at all stages of the financial ecosystem through their innovative technology.”

Jan Hammer, Partner at Index Ventures said; “Capitolis has developed a marketplace for institutional capital where supply and demand meet. By connecting all the parties in the market more efficiently, Capitolis removes bottlenecks that are limiting the flow of capital. The response from leading banks and other financial players has shown a growing need for such a platform, and we’re excited to continue to support the team as they scale.”

Haim Sadger, Partner at Sequoia Capital and Founder of S Capital VC said; “To transform a whole industry, you need to have a bold vision and serious dedication. Gil has both of those and more. We are thrilled to be backing him again and to be working alongside such a great team of innovators.”

Capitolis, the pioneering technology provider for capital markets, announced today that it has appointed Justin Klug President of Capitolis. Justin had most recently served as Chief Operating Officer of the company.

Justin has served on the Capitolis leadership team for the past two years. He was previously Managing Director at Credit Suisse where he led the US rates structuring team and was responsible for developing, executing and monitoring strategic and tactical business lines across the macro franchise.

“In Justin, we have been incredibly lucky in having an amazing, multidimensional business leader,” said Gil Mandelzis, Capitolis CEO and Founder. “His contribution to Capitolis has been outstanding. He has an ability to consider and balance opportunities across our entire business, and will take on an even more important role with both the company and with clients as we invest, build, and scale. Justin is extraordinarily dedicated, is passionate about our clients and has been a huge advocate of our vision. I am personally thrilled to be working alongside him in this new, expanded capacity.”

Justin Klug, President of Capitolis, commented, “Capitolis is at the forefront of creating truly innovative solutions for the capital markets. It has been a privilege to work alongside our clients, Gil and the entire Capitolis team to drive forward our unique collaborative model. I look forward to helping amplify and scale our businesses during the next stage of our development.”

Tom Glocer, Executive Chairman of Capitolis said, “Gil Mandelzis, the CEO and my Co-Founder at Capitolis, has put together an outstanding leadership team that balances strong subject matter expertise in financial markets with creativity and tech skills. This experienced and talented team values collaborative relationships with clients and we’re delighted to recognize the contribution of Justin with this well-deserved promotion.”

Capitolis, the pioneering technology provider for capital markets, announced today that it has appointed Shervyn J. von Hoerl as Head of Investor Solutions.

Shervyn will focus on the Capitolis Finance product suite and he will help drive the development of new solutions in partnership with clients and investors. Capitolis is building new products and services to address capital market constraints. The Capitolis Finance solution is expected to be launched later in 2019.

Shervyn was previously in a senior role in the US for FMS Wertmanagement Service GmbH (FMS-SG), and prior to that at 20 Gates Management and DEPFA Bank plc. He has more than 20 years of experience in the structured finance industry, having developed innovative business solutions for clients in multiple jurisdictions.

Gil Mandelzis, CEO and founder of Capitolis, said: “Our aim is to democratise the ability of capital to partner with the best execution, distribution and the broad set of opportunities accessible to investors today. We are working closely with world’s largest banks to partner with investors to provide more robust solutions, more capital and enhance liquidity for all. While we have begun with a focus on the interbank market, we are now getting ready to move into the next stage of our development with our Capitolis Finance product suite. Shervyn’s appointment is key in our expansion plans.”

Justin Klug, COO of Capitolis said: “Shervyn has decades of successful experience in structured finance and is very well respected in the industry. His ability to build innovative, appropriate solutions is second to none and hard to replicate. We know Shervyn will add tremendous value to the solutions Capitolis creates for its clients and partners, and we are thrilled that he is joining us.”

Shervyn von Hoerl said: “I see Capitolis’ new model as nothing less than revolutionary for the markets, and very much needed. The traction and credibility the company has been able to achieve in a short period of time is very impressive. I am looking forward to working with the Capitolis team and our clients to support the successful rollout of our collaborative solutions to the market.”

Deutsche Bank, Standard Chartered, Nomura, Societe Generale, Brevan Howard and BlueCrest amongst participants now on the platform

Capitolis, the pioneering technology provider for the capital markets, announced today that the number of participants on Capitolis Novation, its ground-breaking novation service in foreign exchange has grown to more than 20 bank and non-bank customers.

As well as previously announced Citi, HSBC, BlueCrest and Brevan Howard, other market participants including Deutsche Bank, Standard Chartered, Nomura and Societe Generale are collaborating with Capitolis on this service, which is the first of its kind in FX.

The platform is now fully live and processing the novation of FX option contracts amongst multiple participants. Additional functionalities and other balance sheet reduction models are currently being tested and rolled out including bilateral option novation and forwards and swaps novation.

Bevan Kaminer, COO of Coremont (provider of compression services to asset managers, including Brevan Howard) said: “We are pleased to be working with the experienced team at Capitolis. The process of novating FX contracts using the Capitolis service represents a marked improvement in operational efficiency. We have been able to speak to our bank counterparties proactively and gain better service and execution with regards to reducing counterparty exposure.”

David Reid, Managing Director, Global Head of FX Prime Brokerage at Deutsche Bank, said: “We believe the market as a whole has already benefited from the centralized solution which is automating the discovery, negotiation and agreement of transactions using the migration of contracts utilized in novation. In our role as an Executing Bank and Prime Broker, we are pleased to be part of the network to bring an innovative way of solving an industry problem around optimization and we are happy to be working with a team with the strength and expertise of Capitolis.”

Graham Wintersgill, Managing Director of FX Sales at Standard Chartered, said: “In our capacity as an Executing Bank, we believe this service helps address both cost and efficiency and provides better automation and transparency working across the FX market, which benefits our clients and improves their experience. Capitolis has brought an innovative solution with excellent functionality, to support what is a significant capital constraint and we believe this will benefit the market as a whole.”

Russell Watson, Global Markets COO, EMEA of Nomura said: “We are constantly looking for ways to streamline our business processes and generate efficiencies. The Capitolis platform enables us to improve an otherwise manually intensive process to enhance our clients experience.”

Gil Mandelzis, CEO of Capitolis said: “Since we launched the service, we have seen tremendous growth with numerous leading market participants working with us to establish this industry solution for novation. We are grateful for the strong support our solution has received from executing banks, prime brokers and leading buy side firms. We believe the accelerated market adoption has demonstrated the benefit of this unique and holistic network of collaboratively working on a key constraint in the capital markets.”

Capitolis has dramatically accelerated the completion time for FX options novations, benefiting prime brokers, executing banks and buy side participants. Citi and HSBC were live with the service at the end of 2018.

Capitolis, the pioneering technology provider for the capital markets, announced today that Citi and HSBC are the first FX prime brokers to be live on Capitolis Novations, its ground-breaking novation service in foreign exchange. The two leading banks were live in December 2018 and contributed to bringing the service to the market alongside Capitolis. The service has streamlined the novation process, helping to meaningfully reduce the time it takes for FX options novations to complete, for the benefit of the sell and buy side.

Capitolis Novations is a technology platform which automates the currently manual workflow in both FX prime broking and bilateral trading, working collaboratively to provide capital efficiencies for the FX market. The service helps reduce overall balance sheet notional and risk exposures that banks currently employ to meet their regulatory capital requirements. Launched in May 2018, Capitolis has created the first industry-wide platform for end-to-end FX novation processing.

Christopher Perkins, global head of OTC clearing and head of foreign exchange prime broking at Citi said, “Citi remains focused on delivering industry-leading capital and operational efficiencies to our clients with robust scale and automation. We are excited to partner with Capitolis since its inception to drive capital optimization and reduce costs through automated FX options novation processing.”

Vincent Bonamy, HSBC said, “Efficiency and transparency have always been at the heart of our Global Intermediary Services offering for clients. The FX Prime Brokerage novation tool will provide access to liquidity and credit in the FX options market, while allowing clients to offset their positions across their network of banks.”

Gil Mandelzis, CEO of Capitolis said: “Citi and HSBC have partnered with Capitolis to be at the vanguard of establishing this industry solution for FX novation. We are grateful for them for helping us bring it to market with their incredible support, technical expertise and collaboration to shape what we believe will be a meaningful solution to address a key constraint in the capital markets.

“We are further grateful that they have used this service extensively across all their client activity, with executing banks and counterparties and for their proactive commitment to growing the community of participants across the buy and sell-side. The community is growing rapidly, and we are adding functionality to the solution. We believe for the market to continue to grow in a sustainable way it needs new methods of thinking and infrastructure which this solution addresses.”

Capitolis, the pioneering technology provider for the capital markets, announced today that it has made three appointments to support its continued expansion.

They come as the market responds to Capitolis’ unique collaborative model, and will help support the growth of the business across the buy and sell-side.

Capitolis launched last year with the aim of building new products and services to address capital market constraints, initially in equities and foreign exchange. The firm announced its ground-breaking FX novation service – called Capitolis Novations – which offers the buy and sell-side a service to reduce their notional exposure in FX through automating the novation of contracts. The firm is also live with further products which are due to be announced in 2019.

Paul Perdoni will focus on EMEA Strategic Accounts. Paul joined Capitolis in December and he previously managed the major & strategic account sales team for CME Group’s (formerly NEX-owned) Traiana business for eight years. Prior to this he was a major account manager at Thomson Reuters.

Sam Grant has joined focusing on EMEA buy side sales, also in December. Sam was previously at Refinitiv-owned FXall for six years.

Ralitza Fortunova will join Capitolis in February 2019. She will take on the role of managing US Strategic Accounts, joining Capitolis from five years at BNP Paribas where she held roles in FX sales, most recently as managing director for FX Flow Sales. Prior to this Ralitza worked in FX e-sales for four years at Nomura International.

Gil Mandelzis, CEO of Capitolis said: “Capitolis is experiencing exceptional growth and these appointments are essential to support the increased demand for our products and services in FX and Equities. We are pleased that professionals of the calibre of Paul, Sam and Ralitza have joined the team and look forward to working with them.”

NEX Optimisation, which helps clients reduce complexity and optimise resources across the transaction lifecycle, and Capitolis, a pioneering technology provider for the capital markets announce today they will collaborate in a partnership to provide immediate access to Capitolis’ FX novation service through the NEX Infinity platform.

The collaboration will enable NEX Optimisation customers of the service to connect to the Capitolis FX novation service through the NEX Infinity platform, with minimal integration requirements and resources, while reducing the time taken to go-live.

Launched in 2018, Capitolis has created the first industry-wide streamlined platform for end-to-end FX novation processing to bring standardisation, automation and transparency to the buy and sell side. The service is live and is being adopted by numerous leading banks and buy side participants. Novation plays an increasingly critical role in increasing efficiencies for participants. Complying with the ISDA Novations Protocol, ‘Capitolis Novations’ automates the currently manual workflow in both FX prime broking and bilateral trading. The service addresses operational, audit, cost, speed and scale inefficiencies resulting from the manual process.

The new solution will be delivered via NEX Infinity. This will allow NEX Optimisation customers to access it through their existing connection, with minimal changes to infrastructure. This can significantly speed up the time taken to adopt the solution and go-live. Alongside its relationship with NEX Optimisation, Capitolis will continue to provide this solution to market participants on a standalone basis.

Andrés Choussy, CEO of Traiana, said: “As the FX industry increasingly incorporates novation into their portfolio optimisation processes, there is an increasing market need for an end-to-end automated solution such as Capitolis. The addition of the Capitolis FX novation service to the Infinity platform complements our expanding suite of third party service offerings, and allows us to bring new post trade services to our customers.”

Gil Mandelzis, CEO of Capitolis, said: “We believe novation is a significant part of the future market structure and we are happy to partner with NEX Optimisation, with their wide distribution and connectivity in the global market. This new partnership will help Capitolis to accelerate the global adoption of this important new product.”

Capitolis, the pioneering technology provider for the capital markets, announced today that it has launched a groundbreaking novation service in foreign exchange (FX). Citi, HSBC, BlueCrest and Brevan Howard, among many other market participants, have collaborated with Capitolis on this service, which is the first of its kind in FX.

Capitolis Novations automates the currently manual workflow in both FX prime broking and bilateral trading, thus providing capital efficiencies for the FX market. The service helps mitigate against costs and inefficiencies linked to the manual process of novation that banks currently employ to meet their regulatory capital requirements as well as managing client credit capacity.

With this service, Capitolis automates the novation process for all market participants, including prime brokers, executing banks, hedge funds and real money managers, for all FX instruments including options, swaps, forwards and Non-Deliverable Forwards (NDFs). The solution is currently being tested and is expected to go live in the next few weeks.

In March 2018, the company announced that it had secured funding from Sequoia Capital and Index Ventures in a seed and Series A round in which it raised $29 million. Capitolis was founded by ex-ICAP (now NEX Group) executive Gil Mandelzis, ex-Thomson Reuters CEO Tom Glocer and Igor Teleshevksy, formerly of Traiana.

Gil Mandelzis, CEO of Capitolis said: “Over the past few months we’ve been working with major market participants on developing an industry solution for novations. We are grateful to the strong support our solution has received from prime brokers, executing banks and leading buy side firms. We are looking forward to going live with the solution in the next few weeks and will roll out significant further functionality throughout this year.”

Sanjay Madgavkar, Global Head of FX Prime Brokerage at Citi, said: “Capitolis is focused on innovative ideas which will help prime brokers and their clients. We are delighted to be engaged in new and creative products to help the prime brokerage industry move forward in the right direction.”

Vincent Bonamy, Head of Global Intermediary Services at HSBC said: “Our key focus as a leading FX house is to provide the best level of client service possible. This partnership opens a new way to increase the quality and efficiency of our offerings in terms of transparency and automation.”

Bevan Kaminer, COO at Brevan Howard, said: “We support the efforts of Capitolis in improving standards of practice in the FX novation market, notably in terms of the efficiency savings this can bring to buy-side firms, and look forward to our continued collaboration.”

Paul Lawrence, Operations Manager at BlueCrest, said: “The Capitolis option novation solution is a positive step forward in terms of bringing a level of standardisation and efficiency to a traditionally operationally intensive process. They have been swift in designing a collaborative tool which will ultimately benefit the whole FXPB ecosystem.”

Capitolis, the pioneering technology provider for the capital markets, announces today it is live with its foreign exchange credit switching service, Capitolis Switch.

Capitolis’ mission is to address capital markets constraints in the financial system. With the launch of Capitolis Switch, a key credit issue is addressed, enabling the unbundling of execution, processing, capital and risk in foreign exchange prime broking.

Large global systemically important banks currently provide best in class execution and processing, bundled with credit to clients. With Capitolis Switch the provision of credit is expanded to include a much broader universe of banks and investors. It allows the large banks to maximise their prime brokerage infrastructure capability and their substantial networks. For credit providers, this is an opportunity to work with new clients while utilizing the scale of processing via the coupled technology of deal processors and Capitolis. The solution effectively brings all of these parties together, for the benefit of the whole market.

Gil Mandelzis, CEO of Capitolis, said: “We are excited to be live with Capitolis Switch and to be working with institutions of the calibre of Citi, Jefferies and FXCM who have demonstrated their innovative thinking in partnering with us to bring this service to the financial markets. This is a completely new approach to the provision of credit in capital markets transactions. We believe it is the first and important step in Capitolis’ vision to better connect appropriate capital with collaborative technology solutions to accelerate growth and enhance economic performance for all involved.”

“We welcome technology developments that enable new flexible credit models which strengthen our FX prime brokerage service.” said Sanjay Madgavkar, Managing Director and Global Head of FX Prime Brokerage at Citi. “We’re excited by the potential of Capitolis to drive change and are pleased to offer this solution to our clients.”

“Jefferies is committed to making innovative technology available to its clients, and we are thrilled to be a first mover credit provider on the Capitolis platform”, said Brandon Mulvihill, Global Head of FX Prime Brokerage at Jefferies. “Capitolis provides us yet another tool to add strategic value to our clients.”

Brendan Callan, CEO of FXCM Group, said: ‘FXCM has been at the forefront of offering cutting edge trading tools for clients for many years. With this new partnership with Capitolis, we foresee many benefits for liquidity enhancement by the expansion of the credit provision model.”

Capitolis, the pioneering technology provider for the capital markets, today announces that its CEO and Founder, Gil Mandelzis, has been appointed non-executive director of Euronext US Inc.

Capitolis was founded in 2017 by Gil Mandelzis, the former CEO of EBS BrokerTec, part of ICAP plc (now NEX Group plc) and founder of Traiana (acquired by ICAP), Tom Glocer, former CEO of Thomson Reuters and Igor Teleshevsky, formerly Executive VP and Head of Technology at Traiana.

In February 2018, the company announced that it had secured funding from Sequoia Capital and Index Ventures in a seed and Series A round in which it raised $29 million.

Stéphane Boujnah, CEO and Chairman of the Managing Board of Euronext N.V., said: “The experience of Gil Mandelzis, our new non-executive director of Euronext US Inc., will be a major asset for our Group. As a successful serial entrepreneur in the field of capital markets platforms, Gil will further strengthen our positioning in the United States and our ambition to diversify the revenues of Euronext over the coming years”.

Gil Mandelzis, CEO of Capitolis said: “Euronext is ideally positioned to grow and play a role in the future development of both US and European markets. The pace of change in market structure and as well as new technology and trading solutions has accelerated and I look forward to supporting Stéphane and the Euronext team in leading the market through these changes.”