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.

Recent progress includes growing the network to 70% of the largest global banks and driving over $1.4 trillion in savings since the beginning of the year, with increasing benefit every month

Capitolis the technology company reimagining capital markets, has gained strong momentum by doubling the number of banks taking part in its Standardized Approach for Counterparty Credit Risk (SA-CCR) runs since the beginning of 2022. Capitolis has maintained a frequent cadence of compression runs, helping this strong network of global banks reduce over $1.4 trillion in SA-CCR effective notional since the beginning of the year. Capitolis’ momentum was apparent in its recent SA-CCR run which provided clients five times the effective notional benefit than they received in the first run. The network continues to expand and both existing and new clients are seeing increased benefits from the network effect.

After a strong first half of the year, Capitolis 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 last 6 months at Capitolis have been exciting and fast-paced as the industry adapts to the rollout of SA-CCR, and we have seen great momentum in our business over a short period of time,” said Gil Mandelzis, CEO & Founder, Capitolis. “We are growing our network every month and our pipeline is extremely strong. We are looking forward to rolling out additional optimization services to our growing community over the next few months further supporting healthy and safe markets.”

The new SA-CCR framework, the primary capital and leverage measure for much of the financial industry, has been phased in globally over the last few years to provide a single, standardized method by which financial institutions will be required to measure exposures and ultimately manage and capitalize against. Capitolis’ optimization exercises are delivering significant reductions in exposures calculated under SA-CCR.

“Capitolis has been a trusted partner helping us appropriately manage our regulatory requirements and free up capital through our portfolio optimization runs with them,” said Tobias Krause, Senior Managing Director, State Street.

Capitolis’ focus for the remainder of the year is on introducing new innovations to enhance its offering, with the goal of expanding its network of participants. Advances to algorithms will drive better benefits for existing and new clients under SA-CCR.

New brand identity includes a new logo, brand colors, brand purpose, promise and principles

Capitolis, the technology company reimagining financial markets, announced today its new brand strategy and visual system including a logo which signifies Capitolis’ ability to unlock the potential of the global economy. The company, which enables safe growth in financial markets, wanted its brand to reflect the differentiated experience Capitolis provides clients across its innovative solutions and services.

The new Capitolis brand is grounded in its purpose, promise, and principles — a strategic foundation and framework that reflects its deep relationships with clients, technologically rigorous solutions, and its commitment to building a model company with a focus on societal impact.

Brand Purpose:

We believe the financial markets can and should work better for everyone.

Brand Promise:

With an expansive vision of our industry, its challenges, and its potential, we tailor and scale solutions to unlock capital efficiency, democratize access to capital, and unite institutions with one another — responsibly delivering the best financial services available, at the lowest cost possible, while decreasing risk to the entire system.

Brand Principles:

1. Innovating at the intersection of finance and technology;
2. Delivering tailored solutions, at scale;
3. Transforming big ideas into real-world results;
4. Driving growth with purpose.

“We are focused on building a company that is good for financial markets and good for our communities, promoting transparency, safety, and prosperity for all,” said Gil Mandelzis, CEO & Founder, Capitolis. “This new brand identity represents Capitolis’ expansive vision for the industry as we strive to innovate beyond the status quo, bringing together a blend of deep financial expertise with superb and scalable technology. We are excited to introduce our new brand as the company continues to grow.”

Capitolis underwent a highly strategic, creative, and inclusive process to develop its brand identity. The company started by gathering insights from internal and external stakeholders, engaging in conversations with Capitolis leaders and clients to get a better understanding of why they think Capitolis exists and the unique value it delivers. This culminated in a strategic story conveying the purpose, design, messaging, services, and experiences of the company.

The new slate of colors associated with the brand is designed to best reflect the company’s bold, expansive vision to lead change. Capitolis conducted an extensive audit to identify key areas of opportunity where the company could really differentiate its overall look and feel to create something that was truly unique to Capitolis.

“The more modern, dynamic logo reflects our ability to realize opportunities that unlock the potential of the global economy and create more relevant and differentiated experiences for our clients,” said Alicia Tillman, Global Chief Marketing Officer of Capitolis. “Our color objective was to stand out from the sea of blue, represent a true fintech company, balance expertise with humanity, and be bold, expressive, and human.”

Tillman joined Capitolis in November 2021 from technology giant, SAP, where she served as Global Chief Marketing Officer. Alicia led SAP to become one of the 20 most valuable brands in the world (BrandZ & Interbrand rankings). Alicia is a three-time Forbes Most Influential CMO in the World.

Capitolis will roll out a new website later this fall reflecting its new brand strategy and as it continues to rapidly scale its business.

Earlier this year, Capitolis launched its company values, which serve as its foundation for operating and its deep commitment to building a company that is innovative, changing the way financial markets operate, and promoting safety and responsibility in the overall financial system.

The Capitolis Values are:

1. We lead with purpose, while creating exceptional value;
2. We pursue big breakthroughs, responsibly;
3. We learn from the best and are unapologetically independent;
4. We are obsessed with the future, and fanatical about executing today;
5. We play tough, with heart.

To learn more, visit capitolis.com/capitolis-company-values/.

Furthermore, Capitolis defined its People Attributes that serve as characteristics describing the DNA of Capitolis employees. They provide a consistent framework to hire, assess, and develop the team against.

To learn more, visit capitolis.com/careers/.

Capitolis recognized for its skill, dedication, and creativity

Capitolis the technology company reimagining capital markets, has won “Best Compression/Optimization Service for FX” at the 2022 FX Markets e-FX Awards. The winners of the e-FX Awards were celebrated in London last week for changing the world of electronic foreign exchange trading. This is the third year FX Markets has awarded the “Best Compression and Optimization Service” category and the first year Capitolis has won. The e-FX Awards seek to recognize firms that have set the bar in electronic foreign exchange trading with skill, dedication, and creativity.

“I’m proud of the incredible team and culture we continue to create daily at Capitolis and would like to thank the FX Markets team, its panel of judges, and clients for this recognition,” said Gil Mandelzis, CEO and Founder of Capitolis. “We have a unique ability to bring together different thinking, technologies, execution, and strong partnerships with market participants that position us very well to continue to lead the market. Our LMKRTS acquisition has allowed us to provide our customers with the broadest and most complete trade compression solutions available in the market, powered by the best people. The combination of great capabilities, world-class engineering, and bright minds continues to set us apart.”

Now in their twentieth year, the FX Markets e-FX Awards received over 90 submissions across 22 categories. The panel of judges, which included FX Markets’ editors, weighed multiple factors including strategic clarity, growth, risk management discipline, innovation and adaptability, thought leadership, a commitment to investing in the business, and – where decisions were tight – client feedback.

The Capitolis platform enables safe growth in financial markets by reducing risk, increasing stability, and adding diversified capital to the system. Capitolis addresses its clients’ needs with tailored, specific solutions and scales those solutions for broader use across the market—enabling more organizations to drive growth, the right way— within the regulated environment.

Earlier this year, Capitolis raised $110 million in Series D funding, driven by the rapid emergence and market acceptance of its compression and marketplace solutions. The company continues to make people its most critical investment, hiring across the business to support the rapid growth and scale ahead. The combination of great capabilities and world-class team continues to improve Capitolis’ technology and drive innovations. To learn more about Capitolis, visit capitolis.com.

Technology company continues to invest in people, expands employee base to support rapid growth and innovation

Capitolis, the technology company reimagining capital markets, announced it has grown its employee base by 50% versus the same period last year as the company continues growing and scaling the business to meet customer demands and ongoing opportunities to innovate. The investment in its people reflects Capitolis’ continued momentum after the company recently announced its Series D funding.

As the team grows, Capitolis has welcomed the addition of the following key strategic hires and notable promotions across the New York and Tel Aviv offices:

• Lindsey Baptiste has been promoted to Chief Financial Officer. During her time at Capitolis, she has played a key role in managing the company’s Series C and D investment rounds, LMRKTS acquisition and integration activities, and building the global office space. Lindsey continues to build out the Finance infrastructure of the company including recent additions to her team with Michael Feeney as Controller and Jason Glassman as VP of Strategic Finance.
• Thomas Droumenq joins as Head of Capitolis’ Ionic Product, focused on the management and continued growth of the company’s revolutionary platform that enables financial institutions to finance and structure portfolios of positions in a capital-efficient manner. Thomas spent 23 years at Société Générale where he held roles as Head of Equities & Derivatives and Head of Sales for the Americas region.
• Nancy Henderson joins as Program Structurer, tasked with leading the development of the Capital Marketplace structures. Prior to Capitolis, she held the dual position of Global Head of Fixed Income Asset Management and Branch Manager of the New York Office at FMS Wertmanagement Service where she managed the winddown of a Public Sector, Structured Products and Sovereign portfolio with an initial Notional of 85 billion euros (equivalent). Nancy has also held roles at Hypo Real Estate / DEPFA Bank and HypoVereinsbank.
• Leon Leviner has taken the role of Head of FX Engineering based out of Capitolis’ Tel Aviv office, responsible for the delivery of the FX compression products. Prior to Capitolis, Leon was Chief Technology Officer at Otoma where he built the team and a fintech platform that served banks and insurance companies on five continents; before Otoma, he was CTO at enterprise SaaS platform Reach and previously led the Office of the CTO and served as Head of Innovation at Nasdaq-traded Perion.
• Taylor King has joined as Head of Marketing for Brand, Strategy and Operations, responsible for building and establishing the Capitolis brand and marketing operating foundation. Prior to Capitolis, she held roles in both global and regional marketing at technology software giant SAP, most recently serving as Director of Strategic Initiatives within the company’s Global Demand Center.

The company’s Strategy and Corporate Development team expands with Keerthan Harish joining as Senior Manager of Corporate Development, focused on partnerships, M&A, and strategic initiatives across the business, as well as Eyal Pelleg stepping into the role as Senior Manager of Strategy, tasked with driving our ongoing strategic initiatives with Product and Go-To-Market growth opportunities. Keerthan brings experience from Dataminr, Goldman Sachs and Bank of America’s investment management and wealth management division Merrill Lynch. Eyal has also held roles at McKinsey and Company, Karl Weiss LTD, and served as an officer in the Israeli Navy.

Capitolis’ newly established Project Management Office will be led by Director Maria (MC) Centeio, tasked with bringing process, structure and organization to the business as the company looks to mature its operations and deliver results against its audacious goals. Prior to Capitolis, MC worked on a small team at Bridgewater Associates responsible for taking Ray Dalio’s principles & products focused on systematized management to the external market; she oversaw the technical support and customer operations team.

After closing the August 2021 acquisition of LMRKTS an industry-leading multilateral optimization and compression provider that expanded Capitolis’ optimization suite into the most complete trade compression solutions available in the market, Capitolis placed a number of key talent into new roles to further the strategic growth of its FX business:

• Ben Townson joins the Product team as Vice President, Head of Product Management for Compression.
• Milos Marinkovic has taken on the role of Vice President, Engineering.
• Sofiane Nait-Saidi joins the Capitolis Capital Labs team serving as Vice President, Quantitative Strategy.
• Stephen Fanale steps into the role as Algorithm Team Lead.

“We are excited by the momentum in our business – and the promotion and hiring of key, strategic leaders to meet growing customer demand and innovation at Capitolis,” said Gil Mandelzis, CEO and Founder of Capitolis. “The team remains focused on our vision to reimagine how capital markets operate. These key appointments keep raising the bar for our exceptional team, bringing the necessary experience to scale our operation to greater heights.”

Capitolis recently raised $110 million in Series D funding, driven by the rapid emergence and market acceptance of its compression and marketplace solutions. The company continues to make people one of its most critical investments to support the rapid growth and scale of the business for its future ahead. To learn more about Capitolis, visit https://capitolis.com/, and to join the team, visit the Careers page at https://capitolis.com/careers/.

Two-thirds of the largest global banks participated in Q1 2022 efforts

Recent progress includes compression innovations in SA-CCR optimization, reduction in exposure to Russian ruble

Capitolis, the technology company reimagining capital markets, is riding a strong wave of momentum as two thirds of the largest global banks have participated in balance sheet compression exercises leveraging Capitolis’ technology in the first quarter. These exercises have included optimizations with respect to the rollout of SA-CCR, or the Standardized Approach for Counterparty Credit Risk, as well as a reduction in exposure to Russian rubles. As we demonstrate our success, we have welcomed new bank participants in each exercise.

Capitolis has been innovating over the past year and a half to prepare for the rollout of SA-CCR and set financial institutions up for success when it comes to calculating exposure. The regulation requires banks to take a new approach to calculating counterparty credit exposure and will have a significant impact on regulatory capital calculations.

Capitolis’ capital optimization in line with SA-CCR regulation has reduced nearly a trillion dollars − and multiplying − of notional exposure for financial institutions in first quarter alone

SA-CCR has been phased in globally over the last few years to provide a single, standardized method by which financial institutions will be required to measure and ultimately manage and capitalize against. Capitolis anticipated a busy first quarter as SA-CCR went into effect in the United States and United Kingdom in January 2022. In the past three months, Capitolis has successfully reduced nearly a trillion dollars of notional exposure for financial institutions through a series of four multi-lateral optimization exercises.

“We are focused on helping our clients adjust to the regulatory impacts of SA-CCR while maximizing efficiencies in balance sheet optimization,” said Gil Mandelzis, CEO and Founder of Capitolis. “SA-CCR is something we have been innovating towards for years to better prepare financial institutions for success in multi-lateral optimization in line with the letter and spirit of the rule. Our vision is to reimagine how capital markets operate, and we look forward to continuing this work to enable a healthier, safer capital marketplace aligned with regulations including SA-CCR.”

Capitolis has been offering SA-CCR solutions to clients since mid-2020. Last year, the company performed multiple proof of concept optimizations, providing clients the opportunity to gain a better understanding of their data and internal processes as well as test and validate their own internal SA-CCR calculators. Many of the world’s largest financial institutions took part in Capitolis’ first-quarter 2022 compression runs, with growing participation and regular benefit for the whole capital markets system. This successful progress in optimization innovations sets the stage for an expanding footprint in the SA-CCR landscape in 2022 and beyond.

Capitolis successfully reduced Russian ruble exposure in risk reduction exercises for global banks

Following Russia’s invasion of Ukraine, Capitolis was approached by many of the world’s leading financial institutions seeking a targeted solution to manage and reduce exposures to the Russian ruble. Capitolis worked quickly to bring together a large network of global banks and, through its trade compression platform, supported a dozen banking entities to successfully reduce their exposure to Russian rubles and mitigate the impact of settlement failures due to sanctions or other market happenings. These banks needed the right technology and a trusted third party that had established its capabilities and credibility with them to execute. Capitolis’ trifecta of technology, relationships and trust got it done.

Capitolis has now completed two Russian ruble exposure reduction exercises, one of which was executed and managed in just three days following the invasion in Ukraine. In total, billions in redundant, notional exposures were reduced on behalf of the 17 global bank participants. The company will donate half of the revenues from these compression activities to Ukrainian relief and humanitarian efforts.

Capitolis intends to continue offering a Russian ruble compression run as long as it is needed by financial institutions.

For more information on the work Capitolis is doing with SA-CCR, and the recent Russian ruble optimization exercises, please visit www.capitolis.com.

Leading fintech investors Canapi Ventures, 9Yards Capital and SVB Capital co-lead the round.

Jeffrey Goldstein, former U.S. Under Secretary of the Treasury for Domestic Finance and Counselor to the Secretary of the Treasury; and George Osborne, former UK Chancellor of the Exchequer, join Board of Directors, bringing decades of experience at the intersection of financial services, technology, and policy.

Capitolis, the technology company reimagining capital markets, today announced it has raised a $110 million Series D at a $1.6 billion valuation, driven by the rapid emergence and market acceptance of its marketplace solutions. The fundraise is co-led by top fintech investors Canapi Ventures, 9Yards Capital, and SVB Capital. Existing investors in Capitolis include a16z, Index Ventures, Sequoia Capital, S Capital, Spark Capital, Citi, State Street and J.P. Morgan. To date, Capitolis has raised $280 million.

In connection with the funding round, Jeffrey Goldstein, senior advisor at Canapi Ventures, Dan Beldy, partner at Canapi Ventures, and George Osborne, Founding Partner at 9Yards, join the Capitolis Board of Directors. All bring deep financial services and technology expertise and important experience on policy issues related to banking, regulatory reform and financial stability. Previously, Osborne served as an advisor to BlackRock following his role as UK Chancellor of the Exchequer; Goldstein, who sits on the Board of Directors of Bank of New York Mellon Corporation, previously served as Managing Director and Chief Financial Officer of the World Bank; Beldy is a founding partner at Canapi Ventures and previously served as Managing Director of Steamboat Ventures, the venture arm of The Walt Disney Company.

Canapi Ventures is co-led by Managing Partners Gene Ludwig and Chip Mahan. Ludwig served as Comptroller of the Currency under President Clinton before going on to co-found Promontory Interfinancial Network, an FDIC deposit-routing network serving approximately 2,900 financial institutions, as well as Promontory Financial Group, a regulatory and compliance consulting firm for large financial institutions. Mahan founded and currently serves as CEO and chairman of Live Oak Bancshares; he also co-founded nCino, founded Security First Network Bank, one of the world’s first internet banks, and previously led S1 Corporation.

9Yards was co-founded by George Osborne, Theo Osborne & David Fisher in 2018. Prior to this, George Osborne served as the UK’s Chancellor of the Exchequer as one of the longest serving finance ministers in the G7. George devised the open banking regime and the FCA ‘sandbox’ among many other regulations that positioned the UK as a global fintech leader. George also sat on the National Security Council and chaired the UK’s Cybersecurity Committee.

Capitolis combines deep capital markets expertise with a Silicon Valley mindset to bring the sharing economy to the forefront of the financial services industry. Capitolis enables banks, investors and institutional clients to expand their reach through a collaboration platform and gateway to connect opportunities with a democratized model of institutional capital, safely removing barriers that would otherwise restrict growth in the market.

“Over the past two years, our vision to reinvent capital markets has gained tremendous momentum as we have tripled our revenue, customer base and team,” said Gil Mandelzis, CEO and Founder of Capitolis. “We are just scratching the surface on reimagining the capital markets. We are thrilled to have partners like Canapi, 9Yards, and SVB Capital who bring strategic expertise, a true passion for the mission and a powerful network to leverage as we embark on our next chapter of growth.”

Canapi Ventures’ Partner Dan Beldy commented, “We are thrilled to be partnering with Gil, Tom and the entire Capitolis team as they build the next generation of technology infrastructure to help support the safe, efficient growth of the capital markets. At Canapi Ventures we are focused on great leadership teams and category defining innovations that help create a healthier, more robust and more inclusive financial ecosystem. We look forward to working with the Capitolis team as they continue to grow and create a company of great legacy and impact.”

9Yards’ George Osborne commented, “At 9Yards Capital we’re impressed by Capitolis and the innovation it is bringing to the task of making our financial system more secure and our capital markets more efficient.”

Tom Glocer, Executive Chairman and Co-Founder of Capitolis, said, “The additions of Jeffrey Goldstein, George Osborne and Dan Beldy to the Capitolis Board of Directors will strengthen an already world-class board. In particular, their years of experience in balancing sound regulatory policy and financial stability with innovation in financial markets will help guide Capitolis as we scale our technology and impact in global capital markets.”

“As an existing investor and commercial partner to Capitolis, we have seen firsthand the notable understanding Capitolis has in providing solutions to marketplace participants to achieve their business goals,” said Tilli Bannett, Managing Partner, SVB Capital. “We continue to be impressed by the company’s deep expertise and creativity in making capital markets more efficient, thereby freeing up necessary resources for participants to innovate and deliver financial solutions customers need.”

Tobias Krause, Senior Managing Director, State Street, commented, “We are impressed with Capitolis’ vision of creating a healthier, safer, efficient marketplace for matchmaking, discovery and resource optimization. At State Street, we have benefitted from dynamically reducing, and optimizing our exposures, which has created even more capacity to serve our clients in our growing business.”

“We are now moving to the next phase of growth for Capitolis as we grow exponentially year after year and deliver increased innovation for capital markets. Just two years after launch, the capital marketplace business has already transacted $60B+ notional from over 30 investors. Capitolis has optimized over $13 trillion in trades through its compression & novation engine, serving over 100 financial institutions. Our vision is becoming a reality and we look forward to super-charging our marketplace in the months and years to follow,” concluded Mandelzis.

Capitolis Successfully Helps a Large Network of Global Banks Reduce Russian Ruble Exposure in Multilateral Risk-Reduction Exercises

A dozen entities participated in the multilateral optimization

Capitolis, the technology company reimagining capital markets, today announced it has completed a reduction in exposure to Russian rubles for many of the world’s leading financial institutions. The ruble optimization is a first for Capitolis, which was approached by the banks to design a solution and worked quickly to bring together a large network of banks to participate in this targeted solution. Through its trade compression platform, Capitolis was able to reduce these large exposures and promote financial soundness and stability for the benefit of the whole capital markets system.

In addition to helping clients and the overall market, Capitolis will donate fifty percent of the revenues generated from this optimization exercise to Ukrainian relief and humanitarian efforts.

“We are committed to making the global financial markets work better for our clients and the system as a whole,” said Gil Mandelzis, CEO and founder of Capitolis. “We worked quickly through our trade compression platform and in great collaboration and partnership with our clients to meaningfully reduce risk, while aiding the Ukrainian people amid this incredible suffering.”

Capitolis intends to continue offering a Russian ruble compression run as long as it is needed.

New service deepens commitment to enhanced capital optimization for regulatory changes

Acadia, the leading industry provider of integrated risk management services for the derivatives community, and Capitolis, the leading SaaS platform that drives financial resource optimization for capital markets, today announced the launch of SA-CCR Optimization. SA-CCR Optimization will bring considerable cost savings to firms subject to the Standard Approach to Counterparty Credit Risk (SA-CCR) regulations, focusing on specific FX products such as FX forwards, options, deliverable swaps and cross-currency swaps.

With SA-CCR Optimization, banks and participating financial institutions provide trade data, which Acadia and Capitolis process and generate a series of FX transactions that reduce capital requirements, leaving each client’s net FX risk profile largely unchanged.

“The newest wave of capital regulation is pushing firms to be more mindful of capital consumption across their business.  SA-CCR Optimization is an opportunity for them to reduce consumption levels and deploy their capital in a more efficient manner,” says Chris Walsh, Chief Executive Officer of Acadia. “We are thrilled to provide clients with a dynamic infrastructure solution to compress trades and significantly reduce capital consumption, building upon our data analytics with Capitolis’ market-leading optimization platform.”

The launch of SA-CCR Optimization deepens the partnership between the two leaders in their fields, combining Acadia’s risk analytics and margin data platforms and Capitolis’ proprietary technology, allowing for greater capital optimization for financial institutions.

Gil Mandelzis, Chief Executive Officer and Founder of Capitolis added “Our continued integration with Acadia’s trusted platform is an effective solution for our clients to maximize efficiency in SA-CCR balance sheet optimization. Our partnership will also position the industry for success in multilateral optimization of SA-CCR.”

SA-CCR requirements for financial institutions based in some parts of Europe went into effect in June 2021, while regulations in the United States are set to be implemented on January 1, 2022.