Since its inception, the Capitolis FX Options Novations platform has eliminated positions of more than $2.5 trillion in notional.
Capitolis, the leading SaaS platform that drives financial resource optimization for capital markets, today announced that Capitolis Novations, its foreign exchange novation platform, achieved a record transaction volume of $417 billion in notional for FX options novations during the second quarter of 2020, ended July 31, nearly doubling the volume from a year earlier.
Reflecting the desire for enhanced operational efficiency within the $5 trillion global currency market, NatWest has also joined the community of more than 50 leading global financial institutions, including Citi, HSBC, Standard Chartered, Nomura and Societe Generale, who are active participants on Capitolis’ Novations platform.
Since its inception two years ago, Capitolis Novations has recorded transaction volume of over $2.5 trillion in notional, underscoring the widespread industry adoption and momentum of its ground-breaking optimization technology among prime brokers, executing banks, hedge funds and money managers.
By automating a historically onerous and manual process, Capitolis has reduced transaction time from weeks to days — or even hours. It has also expanded the possibilities for trade optimization by making it economically viable for buy- and sell-side market participants to identify unnecessary positions that consume capital and move or eliminate them in collaboration with a much broader range of counterparties.
Gil Mandelzis, CEO and founder of Capitolis said, “Our strong performance in a challenging environment, as well as the addition of NatWest to the Novations community, reflects the tremendous growth of our platform. We look forward to increasing the network of market participants who can utilize our optimization tools to free up capital and boost their returns.”
“The Capitolis Novations platform has brought a new level of client service to the FX market by connecting a network of counterparties through a seamless and automated process that provides new efficiencies and cost benefits,” said Marcus Butt, Global Head of Prime Services & Futures at NatWest. “We support Capitolis’ efforts to help create a more collaborative market environment.”