Momentum Continues to Build for Capitolis Novations Platform with Record September

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.