Former Citi Global Head of Securities Services and longtime Capitolis Board Member brings over three decades of experience driving innovation and scaling global enterprises

NEW YORK–(BUSINESS WIRE) — Capitolis, the financial technology company, announced the appointment of Okan Pekin as President. Based in London and reporting to Gil Mandelzis, Chief Executive Officer and Founder, Okan will help scale Capitolis and drive the company’s next phase of growth.

Okan brings over 35 years of global financial services experience, including senior leadership roles at Citi (NYSE: C) until his retirement in April. Most recently, he served as Global Head of Securities Services, a $5 billion global business where he drove significant client growth. Previously, Okan led Equity Prime Finance, Futures & Clearing, and FX Prime Brokerage, and earlier held global leadership positions in Investor Services, FX, and Local Markets. He also led Derivatives Sales in Europe and Debt Capital Markets for Frequent Issuers. Throughout his career, Okan has consistently built and scaled high-growth global franchises.

Okan has also served as a Board Member at Capitolis for five years on behalf of Citi and understands the ins and outs of its business and the overall market it serves.

“Capitolis has grown tremendously and now, we’re preparing for our next phase and focusing on what’s needed to continue our momentum. With that growth comes complexity across our business, products, clients, and delivery, and getting this right is critical to maximizing our potential,” said Gil Mandelzis, CEO & Founder, Capitolis. “I’m thrilled to welcome Okan, someone I know and trust, who brings exceptional experience and a proven track record of delivering at scale in global financial services with the highest level of professionalism. I am confident about our future and excited about the opportunity to continue to deepen strategic client relationships, drive further product innovation, and advance our long-term growth.”

“I am honored to join Capitolis as President at this pivotal moment and believe we are building a truly consequential global company that will have a lasting, meaningful impact on the financial services industry,” said Okan Pekin, President, Capitolis. “Having worked with this talented team over the years, I’m eager to get started and look forward to partnering with Gil to scale the business by driving excellence and expanding our platform as we continue to innovate.”

“The directors and senior management of Capitolis have gotten to know Okan from his distinguished service on our board,” said Tom Glocer, Executive Chairman & Co-Founder, Capitolis. “We are excited that among many options he has now chosen to join us as President and are confident that Okan is the right leader to propel Capitolis into its next stage of growth.”

Capitolis has recently achieved strong momentum, launching new products, expanding its client network, securing additional strategic bank investments, and acquiring Capitalab. Okan’s appointment follows other key hires supporting Capitolis’ next phase of rapid growth and expansion, including Richard Schiffman as Chief Product Officer, Amol Naik as Chief Operating Officer, and Melanie Carucci as Global Head of Sales.

New integration enables full STP processing of FX options novations for SGPB client  

NEW YORK–(BUSINESS WIRE) — Capitolis, the financial technology company, has developed an expanded novations solution in partnership with Societe Generale, enabling the prime broker to be the first to offer full straight-through processing (STP) of FX options novations. Societe Generale approached Capitolis seeking a fully automated solution enabling its clients to novate FX options within its network without manual intervention.

Leveraging the Capitolis Novations platform, and in collaboration with Societe Generale, Capitolis delivered a solution that increases speed, automates a primarily manual process, and reduces operational requirements. Capitolis conducts the novations on its platform, which then messages into Societe Generale’s TRM system. The solution is now live on the Capitolis Novations platform and available for banks seeking full STP processes for FX options novations.

“Capitolis is proud to offer Societe Generale Prime Brokerage a fully STP solution,” said Ben Tobin, Co-Head of Market Development for Portfolio Optimization, Capitolis. “We are grateful to Societe Generale for bringing together all parties, and it has been great to get this over the line as we welcome our first asset manager on the Capitolis Novations platform.”

Luke White, Head of Foreign Exchange Prime Brokerage, EMEA & APAC, Societe Generale said, “Once again, Societe Generale builds on its well-earned reputation for financial innovation by bridging a critical gap between the two market dominant players in the upstream and midstream world of trade processing. This solution delivers a more efficient netted portfolio of exposures, helping both clients and banks recycle credit, reduce leverage, and boost trading efficiency.” 

The Capitolis Novations platform, the only FX novation platform on the market, helps drive efficiencies, safely expanding execution opportunities within the FX market and further reducing its risk and capital footprint. As Capitolis continues to innovate and expand its offerings, the successful implementation of straight-through processing for FX option novations sets a new standard for efficiency and automation in the financial industry.

To learn more about Capitolis and its Novations platform, visit https://capitolis.com/novations/.

Schiffman, the product lead of MarketAxess at its founding and its market capitalization peak of $21 billion, brings over 30 years of experience driving product innovation and strategy at global financial services firms

NEW YORK–(BUSINESS WIRE) — Capitolis, the financial technology company, announced the appointment of Richard Schiffman as Chief Product Officer. Reporting to Gil Mandelzis, Chief Executive Officer and Founder of Capitolis, Schiffman will be responsible for defining the firm’s product strategy and delivery roadmap to meet market needs and scale the business.

Schiffman brings over 30 years of experience at the intersection of product, strategy, and technology within global financial services firms. He has built and operated transformational businesses and led high-impact product development teams that delivered innovative technology solutions.

Schiffman joins Capitolis from MarketAxess (NASDAQ: MKTX), where he was its first employee and played a key role in building the company into an industry leader, contributing to its growth through a successful IPO. The company hit its peak market capitalization of $21 billion, served over 2,000 customers, and employed over 800 people during Schiffman’s tenure. Throughout his more than 20-year career at MarketAxess, Schiffman held roles including Chief Technology Officer and, most recently, Global Head of Trading Solutions, responsible for product development as well as the firm’s investment grade, high yield, municipal and Open Trading businesses.

Previously, Schiffman was Managing Director at BlackRock Financial Management. Earlier in his career, he served as Vice President and Manager of Fixed Income Research Technology at J.P. Morgan.

“Capitolis is preparing for its next phase of hyper growth on the back of exceptional scaling over the past few years, and Rich is the proven leader we have been looking for to drive our product roadmap and delivery,” said Gil Mandelzis, CEO & Founder, Capitolis. “Rich has built an impressive career leading product and technology at preeminent financial institutions. He has experienced the growth from day zero through hyper scaling, going through an IPO and operating in a public, globally leading company. His track record of building innovative products will help accelerate Capitolis’ next phase of growth and expansion.”

“I am thrilled to join Capitolis at such an exciting time in this company’s journey,” said Richard Schiffman, Chief Product Officer, Capitolis. “I look forward to partnering closely with the entire team and our clients to deliver world-class products that help Capitolis continue to grow and scale, meet the needs of the market, and advance the firm’s vision of creating safer and more vibrant financial markets.”

Recently, Capitolis has experienced strong business momentum and expansion. Over the past year, the fintech has launched a variety of new products, significantly grown the network of clients leveraging its platform, received additional strategic bank investments, and acquired Capitalab—BGC Group’s Rates Compression and Margin Optimization business—to enter into the Interest Rates space. Schiffman’s appointment marks the latest executive hire to support Capitolis’ next phase of rapid growth and expansion, following the addition of Amol Naik as Chief Operating Officer and Melanie Carucci as Global Head of Sales.

Recognized among the Most Exceptional Entrepreneurs at 2025 Builders and Innovators Summit

NEW YORK–(BUSINESS WIRE) — Today, Goldman Sachs (NYSE:GS) is recognizing Gil Mandelzis as one of the Most Exceptional Entrepreneurs of 2025 at its Builders and Innovators Summit in Healdsburg, California.

Goldman Sachs selected Gil Mandelzis from multiple industries to be honored at the two-day event. Mandelzis is the CEO & Founder of Capitolis, the financial technology company enabling safer and more vibrant financial markets. He is a serial entrepreneur with a successful record of creating transformational products and companies and leading them through global scaling.

Prior to Capitolis, Mandelzis was the Founder and CEO of Traiana, a post-trade processing company he started in 2000. He led Traiana’s growth from a small start-up to a recognized global leader, resulting in Traiana’s acquisition by ICAP (Nex Group) in 2007 for $250 million. A Kellogg School of Management business case study was written about Mandelzis and the success of Traiana. After the acquisition, he served as a member of ICAP’s Global Executive Management Group and ran EBS BrokerTec, NEX Group’s flagship foreign exchange and fixed income electronic markets business.  

“It’s a great honor to be recognized by Goldman Sachs on its list of the most exceptional entrepreneurs of 2025,” said Gil Mandelzis, CEO & Founder, Capitolis. “We partner closely with the industry to build innovative technology solutions that strengthen the financial markets by increasing stability, unlocking efficiency, and adding diversified capital to the system. We are experiencing tremendous growth and momentum as we build a truly exceptional, world-class, industry-leading company, and this recognition reflects the effort and success of the entire Capitolis team, as well as our Board, investors, and clients.”

“We are pleased to recognize Gil Mandelzis as one of the most exceptional entrepreneurs of 2025,” said David Solomon, Chairman and CEO of Goldman Sachs. “Mandelzis and the Capitolis team have not only built a successful enterprise, they are redefining industry paradigms. This year’s Summit has brought together many of the best business minds to talk about harnessing the full potential of AI and building the next generation of businesses.”

In its 14th year, Goldman’s Builders and Innovators Summit is the can’t miss gathering for Founders and CEOs of hypergrowth companies. Previous honorees have gone on to lead multi-billion dollar companies, both in the private and public markets. In addition to honoring the most exceptional entrepreneurs each year, the Summit consists of general sessions and clinics led by seasoned entrepreneurs, academics and business leaders as well as resident scholars.

Capitolis has been named The World’s Best FX Solution for Client Service in 2025 by Euromoney. This marks the third consecutive year that Capitolis has been recognized in the Euromoney Foreign Exchange Awards, a hallmark of excellence within the global FX industry.

The Euromoney Foreign Exchange Survey has stood as the most comprehensive representation of the wholesale FX market. Capitolis was also honored in 2024 as The World’s Best FX Software Provider and The World’s Best FX Technology Provider for Client Service.

“Capitolis is partnering closely with the industry and collaborating with our clients to build innovative technology solutions that solve complex market challenges and promote the safety and vitality of financial markets,” said Gil Mandelzis, CEO & Founder, Capitolis. “This award underscores our continued dedication to our clients, and we are proud to be recognized by Euromoney as the World’s Best FX Solution for Client Service in 2025.”

Recently, Capitolis has experienced strong business momentum and expansion. The fintech launched a variety of new solutions over the past year, has significantly grown the network of clients leveraging its platform, received additional strategic bank investments, acquired Capitalab—BGC Group’s Rates Compression and Margin Optimization business—to enter into the Interest Rate space, and announced several executive hires to support the company’s next phase of rapid growth and expansion.

Capitolis’ suite of Portfolio Optimization solutions provides market participants with an opportunity to reduce meaningful positions with banks and counterparties in their trading portfolios. Its fast-growing network of the world’s most important financial institutions trusts it to find innovative solutions to their most important FX optimization challenges.

Carucci, bringing over 20 years of experience in sales leadership, strategy, and product management, marks latest executive hire to support next phase of Capitolis’ rapid growth and expansion

NEW YORK–(BUSINESS WIRE) — Capitolis, the financial technology company, announced the appointment of Melanie Carucci as Global Head of Sales, effective September 15. Reporting to Gil Mandelzis, Founder and Chief Executive Officer of Capitolis, Carucci will be responsible for leading the company’s global sales strategy and execution, overseeing commercial growth, and deepening strategic client relationships.

Carucci is a veteran sales leader and revenue driver, bringing over two decades of experience in sales leadership, commercial relationship management, go-to-market strategy, and new business development across financial technology and capital markets firms.

Most recently, Carucci served as Senior Vice President of Enterprise Account Management at Fidelity National Information Services (NYSE: FIS), where she was responsible for $1.1 billion in revenue across Capital Markets, Corporates, and Banking client segments. Prior to that, Carucci held senior roles at London Stock Exchange Group (LSE: LSEG), Refinitiv, Thomson Reuters (NASDAQ: TRI) and Thomson Financial. She has led large-scale global teams of enterprise account managers focused on growth, product strategy, and commercial excellence, engaging directly with C-level stakeholders to drive and maximize large revenue opportunities and multi-year commercial engagements.

“We are thrilled to welcome Melanie to Capitolis,” said Gil Mandelzis, CEO & Founder, Capitolis. “Her deep expertise in enterprise sales, strategic account management, and go-to-market execution across some of the world’s leading financial institutions will be instrumental as we scale our business and deliver even greater value to our clients.”

“Capitolis is at a pivotal moment in its journey, transforming how capital markets operate through innovation and collaboration,” said Melanie Carucci, Global Head of Sales, Capitolis. “I’m excited to join this exceptional team and help accelerate our growth by deepening client relationships and expanding our global footprint.”

Recently, Capitolis has experienced strong business momentum and expansion. The fintech launched a variety of new solutions over the past year, has significantly grown the network of clients leveraging its platform, received additional strategic bank investments, acquired Capitalab—BGC Group’s Rates Compression and Margin Optimization business—to enter into the Interest Rate space, and welcomed financial services and fintech veteran Amol Naik as Chief Operating Officer.

Carucci holds a Bachelor of Science in Computer Information Systems from Clemson University and a Master of Business Administration from NYU Stern School of Business, with specializations in Finance, Strategy, and Global Business. She is a passionate advocate for women’s advancement in financial services, serving on the board of the Forte Foundation and previously on the board of the Women’s Bond Club.

Capitolis has been rapidly expanding and is looking to grow its sales organization in New York and London to support this momentum. To learn more about available roles, please email [email protected].

Close of latest strategic round of funding, totaling $56 million, includes investments previously announced in November 2024 from Citi, Morgan Stanley, State Street, and UBS; Investments will support next phase of Capitolis’ rapid growth and expansion

NEW YORK–(BUSINESS WIRE) — Capitolis, the financial technology company, today announced additional strategic investments from leading global banks and venture capital firms. New bank investors Barclays and BNP Paribas join J.P. Morgan, an existing Capitolis investor, as well as Citi, Morgan Stanley, State Street, and UBS—all of which previously invested in this round.

As part of this, venture capital firms Canapi Ventures, 9Yards Capital, and Greenfield Partners—investors in Capitolis’ Series D in 2022—have also increased their investments in the company. These new investments mark the close of this round of funding, bringing the total raised to $56 million.  

Capitolis continues to experience strong business momentum and expansion, and the company will use these additional funds to accelerate that growth within each of its Capital Marketplace and Portfolio Optimization businesses. Viewed as a strategic partner to the financial industry, Capitolis works side by side with the world’s leading banks and financial institutions to help solve their core optimization needs. 

“We are thrilled for the continued support from strategic global banks, and we are excited to welcome Barclays and BNP on board and have J.P. Morgan reaffirm their commitment to Capitolis. It is also exciting to see a strong vote of confidence from our VC investors who participated in our Series D round and are strengthening their support even further,” said Gil Mandelzis, CEO and Founder, Capitolis. “These investments will help us further accelerate our growth and expansion in the capital markets as we continue our strong business momentum.”

“We’re pleased to support the ongoing development of innovative products by Capitolis, and this investment further cements the collaboration between our firms,” said Kester Keating, Head of US Principal Investments at Barclays.

“We’re excited to support the growth of Capitolis and collaborate with its strong leadership team in developing innovative solutions that enable us to better serve our clients,” said Junaid Baig, Head of Strategic Investments, BNP Paribas.

“Capitolis continues to demonstrate innovation within financial markets and we are pleased to support them,” said Matthew Franklin-Lyons, Global Head of Rates Trading, J.P. Morgan.

“Capitolis is a great company, becoming greater with exciting products and strong leadership,” said Gene Ludwig, Managing Partner, Canapi. “On behalf of my partners at Canapi, we are pleased to be a financial supporter of this exceptional company and management team.”

“Capitolis is an N-of-1 company building critical infrastructure for the capital markets industry,” said Theo Osborne, Managing Partner, 9Yards Capital. “We are very excited to continue backing Gil and the team’s vision to bring great efficiency to the backbone of our global economies.”

“Capitolis continues to deliver solutions that make capital markets safer and more efficient,” said Shay Grinfeld, Managing Partner, Greenfield Partners. “We are thrilled to see what Gil and team have been able to accomplish to date and look forward to continuing to support Capitolis on its journey.”

Capitolis honored for third consecutive year for delivering innovative, technology-based, and finance-related solutions

NEW YORK–(BUSINESS WIRE) — Capitolis, the financial technology company, has been named to CNBC’s World’s Top Fintech Companies 2025 list for the third consecutive year. Presented in partnership with independent research firm Statista, the annual list recognizes fintechs developing the most innovative, technology-based financial products and services across a variety of market categories.

The World’s Top Fintech Companies list is based on the analysis of key performance indicators for more than 2,000 eligible companies as well as in-depth research into relevant KPIs using publicly available sources such as annual reports, company websites, and media monitoring, according to CNBC.

“Capitolis has partnered closely with the industry to build innovative technology solutions that promote the safety and vitality of the financial markets,” said Gil Mandelzis, CEO & Founder of Capitolis. “We have seen tremendous growth because of this, and we are honored to be recognized on CNBC’s World’s Top Fintech Companies list for the third consecutive year. This is a testament to the amazing Capitolis team who work day in and day out to deliver for our customers and the industry.”

Recently, Capitolis has experienced strong business momentum and expansion. The fintech has launched a variety of new solutions and significantly grown the network of market participants leveraging its platform over the past year. The company received new strategic investments from leading global banks – including Barclays, Citi, Morgan Stanley, State Street, and UBS – underscoring the industry’s confidence in Capitolis’ solutions, and welcomed financial services and fintech veteran, Amol Naik, as Chief Operating Officer.

In December 2024, Capitolis announced its acquisition of Capitalab from the BGC Group. The addition of Capitalab, a leader in the Rates Portfolio Compression and Margin Optimization space, expands the Capitolis suite of solutions and paves the way for further innovation to meet evolving client needs.

17 global dealers transition their legacy LIBOR swaption inventory, multilaterally switching more than 17,000 trades

NEW YORK–(BUSINESS WIRE) — Capitolis, the financial technology company, announced today that it has successfully completed its run of multilateral exercises to transition legacy USD LIBOR-referenced swaptions to vanilla SOFR replacements for 17 global dealers. Through nine live executions, Capitolis, and Capitalab prior to its acquisition by Capitolis last year, facilitated the multilateral switching of over 17,000 legacy LIBOR swaptions across their dealer network. As a result, participants have eliminated the significant operational burden of expiry management associated with legacy LIBOR swaptions.

Issues with pricing legacy USD LIBOR swaptions first became prominent in 2020, when major clearinghouses transitioned from Fed Funds to SOFR discounting for USD swaps. This led to bifurcation in the USD swaption market, introducing complexity and increased time demands for rates volatility desks. More recently, a major clearinghouse ceased support for clearing exercised legacy LIBOR swaptions on June 30, 2025, further increasing operational complexity for market participants.

In response to client concerns about their remaining LIBOR swaption inventory, Capitalab (now Capitolis) worked closely with the dealer community to design and deliver a scalable solution. Within just two months, it launched a proof-of-concept run with nine dealers. Since then, nine successful multilateral runs have been completed, collectively transitioning over 17,000 trades. Participants are now left with a cleaner, simpler book of vanilla SOFR swaptions, significantly reducing complexity and ongoing operational risk.

“This initiative demonstrates the strength of collaboration across the industry and the power of innovation to solve real-world problems,” said Gavin Jackson, Co-Head of Portfolio Optimization, Capitolis. “The successful transition of such a large volume of trades reflects the trust our clients place in Capitolis as well as their commitment to progress and willingness to work with us to achieve it. We’re incredibly grateful for their support, engagement, and partnership to deliver this important solution at scale.”

“We’re happy to have participated in this industry-wide effort led by Capitolis,” said Yashodeep Honmane, Head of US Rates Options, Barclays. “Their multilateral solution delivered immediate operational relief, streamlined our swaptions portfolio ahead of the June 2025 clearinghouse cut-off, and drove meaningful efficiency gains. The process was collaborative, risk-reducing, and a clear demonstration of Capitolis’ leadership in this space.”

Most market participants now have few LIBOR swaptions remaining. Capitolis is prepared to run ad-hoc cycles based on additional demand.

Futures Porting solution significantly streamlines workflow and adds scalability for FCMs and the Buy-side; Capitolis also announces strategic investment in the company from Barclays

NEW YORK–(BUSINESS WIRE) — Capitolis, the financial technology company, announced today that it has launched an innovative futures porting solution in collaboration with Barclays and Citadel. The solution has been developed for futures market participants, including hedge funds, asset managers, other buy-side institutions, and Futures Commission Merchants (FCMs), and allows for scalability and greater management of financial resources.

Trading firms who use multiple FCMs are looking to continuously optimize their financial resources, which today takes up significant time and resource due to the manual workflow. The Capitolis Futures Porting solution significantly streamlines and automates this workflow, adding speed and transparency to the process while increasing capacity.

The first version of the Futures Porting solution is already live, with Citadel and other buy-side firms using it regularly to facilitate position transfers with Barclays and other FCMs. As the product ramps up, Capitolis continues to work closely with the market to introduce additional functionality to further simplify and standardize the workflow for both FCMs and buy-side participants.

 “We were approached by the industry for a solution that addresses the growing need for futures porting and responded immediately,” said Gil Mandelzis, CEO and Founder of Capitolis. “I am thrilled that we were able to go live with the first version of the product within six months, collaborating closely with Barclays and Citadel (along with other market participants) in designing and rolling out the optimal solution. Over the next few months, we will introduce additional functionality and go live with more market participants on both the buy- and sell-side.”

“We are committed to driving industry enhancements across all Liquid Financing post trade workflows, and this FCM initiative is a further opportunity to innovate and improve our clients’ experience,” said Craig Robertson, Head of Barclays Capital Inc. FCM. “Capitolis continues to be a strong partner for us in this journey.”

“Capitolis empowers firms to mitigate operational risk while enhancing capital efficiency through the automation of the futures porting process,” said Jamie Clayton, Head of EMEA and APAC Operations at Citadel. “It’s a strategic advantage in today’s capital markets.”

In 2018, Capitolis announced the launch of an automated novation service in foreign exchange (FX), also a first of its kind. The innovation of an automated futures porting service provides a similar market benefit, introducing technology that makes the process more scalable and will help the futures market grow.

On the back of this announcement and the continued collaboration between Barclays and Capitolis, Capitolis is also announcing both a strategic investment in the company from Barclays and the addition of a Barclays representative to its Board of Directors.

“We’re pleased to support the ongoing development of innovative products by Capitolis, and this investment further cements the collaboration between our firms,” said Kester Keating, Head of US Principal Investments at Barclays.

Naik, formerly of Pagaya and Goldman Sachs, joins Capitolis as the firm is gearing up for its next phase of growth and expansion

NEW YORK–(BUSINESS WIRE) — Capitolis, the financial technology company, today announced the appointment of Amol Naik as Chief Operating Officer (COO), effective May 5. Reporting to Gil Mandelzis, Founder and Chief Executive Officer of Capitolis, Naik will be responsible for managing the company’s day-to-day operations, driving company-wide execution against the firm’s business strategy.

Naik is a seasoned financial services leader and a builder of world-class teams, bringing over 25 years of experience in strategic, operational, financial, and risk management roles across private and public fintech and global financial services firms.

Most recently, Naik served as COO at Pagaya (NASDAQ: PGY), where he helped build and scale the company through a successful public company transaction. Prior to that, Naik served a 23-year career at Goldman Sachs where he was a Partner. Over the years, he held various global roles in the US, Europe, and APAC, redesigning the firm’s financial resource management process, leading operational strategy efforts, and driving the implementation of major technology initiatives.

“Capitolis has been growing rapidly, and we have been looking for the right operational leader to help us scale and support further growth in our business,” said Gil Mandelzis. “Amol has a proven track record of delivering impact and innovation in the financial industry, and his extensive experience in financial resource optimization and in building and scaling a fintech company will be invaluable as we continue our rapid growth. We are excited to have Amol join our team, and I look forward to his contributions to Capitolis.”

Recently, Capitolis has experienced strong business momentum and expansion. The fintech launched a variety of new solutions over the past year, has significantly grown the network of clients leveraging its platform, received additional strategic bank investments, and acquired Capitalab, BGC Group’s Rates Compression and Margin Optimization business, to enter into the Interest Rate space.

“I am thrilled to join Capitolis as we accelerate towards our next phase of growth, building a scalable, sustainable, and robust business,” said Amol Naik. “This is an extremely innovative, agile, and client-driven company. I have been impressed by the people, the investors, and the market opportunity. As COO, I look forward to fostering collaboration, driving results, and delivering solutions to clients in a cohesive way that helps address their challenges.”

Naik received a Bachelor of Engineering from the University of Mumbai as well as a Master of Science in Economics and Master of Business Administration from Iowa State University.

Record month includes 5,659 novated trades. More than a dozen PB’s, EB’s, and Clients have recently joined the platform

NEW YORK–(BUSINESS WIRE) — Capitolis, the technology company helping to create safer and more vibrant capital markets, enters 2025 with continued momentum for its Novations platform. It notched another record month in December, achieving $710 billion in Gross Notional  ($210 billion over previous high) across 5,659 novated trades, to close out 2024 as the platform’s best-performing year to date.

Capitolis has added three prime brokers, six executing brokers, and eight clients to the Novations platform in 2024, with even more coming on in 2025. It has also significantly reduced response times by more than 60% over the past 24 months, with those on the platform consistently responding twice as fast as those off-platform. Growth on the Capitolis Novations platform has been driven by onboarding more buy-side and FX prime brokers and increasing their initiations, including 7,300 initiated trades in December, the highest for the year.

“The strong growth we saw in 2024 is a direct result of adding more prime brokers, executing brokers, and clients to our Novations platform, with improved functionality and technology advances contributing to increased adoption,” said Ben Tobin, Head of Europe, Capitolis. “The significant reduction in response times is a proof point for the benefits of being on platform, and we are excited to collaborate with existing and new market participants as we continue to grow and expand our network.”

Capitolis will introduce future enhancements to its Novations platform this year, including a new user interface and the ability to make amendments in standard workflow.

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

Capitolis recognized in Financial Services and Innovation & Technology categories; The annual list recognizes the industry-leading companies that are the best at what they do

NEW YORK–(BUSINESS WIRE) — Capitolis, the technology company helping to create safer and more vibrant capital markets, today announced its inclusion on the Inc. 2024 Best in Business list in the Financial Services and Innovation & Technology categories. Inc.’s annual Best in Business Awards celebrate the exceptional achievements and contributions of companies that have made a profound impact on their industries and on society at large.

The Inc. Best in Business list recognizes companies that, through exceptional execution, have achieved significant milestones and core business wins. Companies from a wide range of industries – such as technology, health care, finance, and retail – have been recognized for their success and their positive influence on the business world. The full list can be found on Inc.com and in the upcoming winter print edition of Inc. magazine.

“It’s an honor to be recognized on the Inc. Best in Business list in both the Financial Services and Innovation & Technology categories for our innovations in the capital markets,” said Gil Mandelzis, CEO and Founder of Capitolis. “This recognition reflects our dedication to our clients and to building financial technology solutions that ensure increased safety and stability for all market participants.”

This announcement follows a period of rapid growth for Capitolis, marked by successfully launching new products and expanding its network of market participants substantially over the past year. The company recently announced new strategic investments from four leading global banks – Citi, Morgan Stanley, State Street, and UBS – underscoring the industry’s confidence in Capitolis’ solutions.

Most recently, Capitolis announced its acquisition of Capitalab from the BGC Group for $46 million. The addition of Capitalab, a leader in the Rates Portfolio Compression and Margin Optimization space, expands the Capitolis suite of solutions and paves the way for further innovation to meet evolving client needs.

For more information or to see the complete list, please visit inc.com/best-in-business

Expands Capitolis business into Rates Portfolio Compression & Margin Optimization; Capitalab Founder and CEO Gavin Jackson to join Capitolis executive team

NEW YORK–(BUSINESS WIRE) — Capitolis, the technology company helping to create safer and more vibrant capital markets, has today announced the acquisition of Capitalab, a leader in Rates Portfolio Compression and Margin Optimization, from BGC Group for a purchase amount of $46 million. This acquisition will allow Capitolis, a market leader in the optimization and compression space, to offer more solutions to the industry and unlock additional innovation to address emerging client needs.

The acquisition follows a period of rapid growth for Capitolis, in which the company launched multiple new products and experienced strong network expansion over the past year. The addition of Capitalab expands the company’s growing network of the world’s most important financial institutions and creates opportunities to bring in more market participants through Capitalab’s strong footprint in Rates Portfolio Compression and Margin Optimization. Capitolis will build on Capitalab’s deep domain expertise and extensive client relationships. To date, Capitalab has compressed a gross notional amount of more than $10 trillion of options contracts.

“Portfolio compression and margin optimization are extremely important to the capital markets and, when properly executed, truly help the financial system and its participants,” said Gil Mandelzis, CEO and Founder of Capitolis. “Capitalab’s highly innovative technology complements our existing suite of award-winning solutions and together we will create a ‘one-stop shop’ for compression. We look forward to welcoming the team and believe that together we can take their unique offering to the next level.”

“We are thrilled to join forces with Capitolis, which will allow us to combine our strengths, talents and shared vision to create something even more remarkable,” said Gavin Jackson, Founder and CEO of Capitalab. “This powerful combination will enable us to deliver an even more exceptional service to our clients, ensuring their needs remain at the heart of everything we do.”

Gavin Jackson will become part of the Capitolis executive team. This deal follows the recent investment in Capitolis by major global financial institutions, including Citi, Morgan Stanley, State Street and UBS, and the company’s 2021 acquisition of LMRKTS.

New investments will support continued rapid growth for Capitolis; A representative from each bank will join the Board of Directors

NEW YORK–(BUSINESS WIRE) — Capitolis, the technology company helping to create safer and more vibrant capital markets, today announced new strategic investments from four leading global banks. The new round is led by Citi and includes State Street, both existing investors in Capitolis, as well as new investors Morgan Stanley, and UBS. Each bank will invest $5 million and will join other existing investors including Andreessen Horowitz (a16z), Index Ventures, Sequoia Capital, S Capital, Spark Capital, SVB Capital, Canapi Ventures, 9Yards Capital, Standard Chartered and J.P. Morgan.  

The transaction and the funds it will generate will be used to fuel Capitolis’ growth across both its Capital Marketplace and Portfolio Optimization businesses. With an experienced and passionate team of global financial and technology executives, and some of the most innovative solutions in the industry, Capitolis has become a strategic partner to the financial industry. Its unique approach to working side-by-side with its customers to understand their core optimization issues and help solve for them is seen as a true differentiator.    

The need for the products Capitolis offers is expanding and as a result the company is seeing strong business momentum in terms of revenue growth, network participation and new product releases. Capitolis has been named as one of CNBC’s World’s Top Fintech Companies, World’s Best FX Software Provider in the Euromoney Foreign Exchange Awards, and one of Fast Company’s World’s Most Innovative Companies.

“Capitolis has been partnering closely with the industry to make the financial markets safer and stronger within a well-regulated system, and we have seen tremendous growth because of this,” said Gil Mandelzis, CEO and Founder of Capitolis. “Our partnership with the world’s leading banks over the last few years has been terrific and we are excited to expand these relationships as well as add more of the world’s foremost financial institutions as both investors and board members.”

“State Street is excited to continue our long-standing partnership with Capitolis. Welcoming additional key bank investors will further accelerate Capitolis’ success in capital markets optimization products,” said Tobias Krause, senior managing director, Risk and Capital Optimization at State Street.

Recognition underscores Capitolis’ rapid growth and sustained innovation in the financial technology sector

NEW YORK–(BUSINESS WIRE) — Capitolis, the technology company helping to create safer and more vibrant capital markets, is excited to announce its inclusion on the 2024 Deloitte Technology Fast 500 list of the 500 fastest-growing companies in North America. This marks the second consecutive year that Capitolis has been recognized by Deloitte.

“We are thrilled to once again be acknowledged by Deloitte as one of the fastest-growing technology companies in North America,” said Gil Mandelzis, CEO & Founder, Capitolis. “This recognition reflects the ongoing support from clients and investors that fuels our success, and to the amazing team at Capitolis working hard every day to deliver innovative solutions.”

Now in its 30^th year, the Deloitte Technology Fast 500 compiles the fastest-growing companies in North America across the technology, media, telecommunications, life sciences, fintech, and energy sectors.

Inclusion on the 2024 Deloitte Technology Fast 500 is the latest growth and innovation-focused recognition Capitolis has earned in the past year. Most recently, Capitolis was honored in the 2024 Euromoney Foreign Exchange Awards as The World’s Best FX Software Provider and The World’s Best FX Technology Provider for Client Service. The company was named to CNBC’s World’s Top Fintech Companies 2024 list for the second consecutive year, underscoring its rapid growth and sustained innovation in the financial technology sector. Capitolis was also recognized by American Banker among the Best Places to Work in Fintech and by Crain’s New York Business as one of New York’s Best Places to Work for the third consecutive year.

Record month includes $485 billion in Gross Notional reduced and 4,510 trades novated. Growth driven by acceleration of FX prime brokers and buy-side joining the platform

NEW YORK–(BUSINESS WIRE) — Capitolis, the technology company helping to create safer and more vibrant capital markets, has continued to build strong momentum for its Novations platform. It recorded another record month in September, achieving $485 billion in Gross Notional reduced and 4,510 trades novated. Year to date completed trades on the platform are up 37%, while Gross Notional reduced is up 15%.  

Growth on the Capitolis Novations platform has been driven by ongoing collaboration with the buy-side and prime brokers to increase their initiations as well as with executing brokers to expedite their approval process to increase overall completions. Improved functionality and technology advances on the platform, including auto initiation and internal workflow, have contributed to increased adoption.   

“We have seen tremendous growth with prime brokers and clients joining the platform and a strong pipeline of more planning to join in the coming months,” said Ben Tobin, Head of Europe, Capitolis. “We continue to work with our expanding network on a very exciting roadmap for future product enhancements.”

Capitolis continues to grow the network of bank and non-bank customers on its FX novations platform, providing scale to facilitate higher novation volumes and optimize FX options portfolios. It is working to simplify and streamline the Novations workflow and plans to introduce functionality to reduce the number of necessary approvals and remove manual interventions.  

Capitolis honored with two awards, including The World’s Best FX Software Provider and The World’s Best FX Technology Provider for Client Service, highlighting commitment to delivering innovative solutions for its clients

NEW YORK–(BUSINESS WIRE) — Capitolis, the technology company helping to create safer and more vibrant capital markets, has been named The World’s Best FX Software Provider by Euromoney for the second consecutive year. The company was also recognized as The World’s Best FX Technology Provider for Client Service in the 2024 Euromoney Foreign Exchange Awards , a hallmark of excellence within the global FX industry.

The Euromoney Foreign Exchange Survey has stood as the most comprehensive representation of the wholesale FX market. Capitolis has been recognized in the Overall Winner and Client Service and Support categories, highlighting its commitment to working closely with clients to understand their needs and deliver innovative solutions for both the buy-side and sell-side.

“We are honored to be recognized by Euromoney as the Best FX Software Provider and Best FX Technology Provider for Client Service,” said Gil Mandelzis, CEO & Founder, Capitolis. “This recognition reflects our unwavering dedication to our clients and the collaborative approach that we take to understand and address the specific needs of the market. Capitolis is committed to strengthening the capital markets by reducing risk, increasing stability, unlocking efficiency, and adding diversified capital to the system.”

Capitolis’ Portfolio Optimization solutions provide market participants an opportunity to reduce meaningful positions with banks and counterparties in their trading portfolios. Its fast-growing network of the world’s most important financial institutions trusts it to find innovative solutions to their most important FX optimization challenges.

Improved technology and processes allow participants to fast-track tear-ups via the Capitolis Novations platform

NEW YORK–(BUSINESS WIRE) — Capitolis, the technology company creating safer and more vibrant capital markets, announced it has successfully launched its fast-track Novations technology with the execution of a same day tear-up. Reaching this milestone—the first of its kind in the foreign exchange (FX) options market—will significantly reduce the time and resources required by banks, prime brokers, and hedge funds in the approval process.

Novation tear-ups represent a meaningful amount of novations completed on the Capitolis platform and fast-tracking trades will bring a large benefit to the market. Previously, it took up to 10 days (T+10) to complete a tear-up largely due to the manual process involved to get the novations approved by the various parties. Capitolis believes that through improved technology and processes, up to 70% of all novations can be executed at T+1 or better.

Capitolis has been working with several prime brokers, executing banks, and some of the world’s largest hedge funds on the design of this fast-track technology. It has been thoroughly tested and is now fully launched for all platform participants to leverage.

“Capitolis had already made tremendous progress in reducing risk in the market, allowing for more novations to be completed, increasing efficiency of balance sheets, and reducing gross notional for our participants. We’ve also seen massive volume growth, almost 50%, on the platform in the past year and have added many more FX prime brokers, executing banks, and major buy-side participants,” said Gil Mandelzis, CEO & Founder, Capitolis. “We now look forward to taking our network to the next level by getting as close as possible to near real-time novation processing and completion.”

“As part of our broader industry commitment to lead efficiency in the Financing and Clearing industry, we welcome this new process to significantly reduce the time and resources spent on this important FX Prime Brokerage process,” said Craig Robertson, Managing Director, Liquid Financing, Barclays.

Last year, Capitolis expanded its novation product to include agency flow, enabling automation of agency novation while maintaining anonymity. The company’s Novations platform gained strong momentum to close out 2023: Capitolis onboarded most major buy-side and sell-side market participants.

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

Capitolis honored for second consecutive year for providing innovative, technology-based, and finance-related products and services

NEW YORK–(BUSINESS WIRE) — Capitolis, the technology company helping to create safer and more vibrant capital markets, today announced that it has been named to CNBC’s World’s Top Fintech Companies 2024 list, presented in partnership with independent research firm Statista. This marks the second consecutive year that Capitolis has been honored by CNBC on its annual list of fintechs providing the most innovative, technology-based, and finance-related products and services.

The list took into consideration key performance indicators for more than 2,000 eligible companies. In-depth research into relevant KPIs was conducted using publicly available sources such as annual reports, company websites, and media monitoring, according to CNBC.

“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 thrilled to be recognized on CNBC’s World’s Top Fintech Companies list for the second consecutive year for our innovative approach to building financial technology solutions that promote the safety and stability of the financial markets.”

Rooted in advanced technology and deep financial expertise, Capitolis powers groundbreaking financial solutions that drive growth for global and regional banks – and institutional investors alike. The company’s financial technology platform helps safely unlock capital constraints by enabling greater access to more diversified capital and investment opportunities, bringing more capital into the financial markets to increase its robustness, enhance risk management, and introduce efficiencies that make the financial system safer and more vibrant.

Last fall, Capitolis was also named to the 2023 Deloitte Technology Fast 500 list honoring the most innovative and fastest-growing companies across North America. The company ranked No. 68 on the list.