The collaboration will enable NEX Optimisation customers of the service to connect to the Capitolis FX novation service through the NEX Infinity platform, with minimal integration requirements and resources, while reducing the time taken to go-live.
Launched in 2018, Capitolis has created the first industry-wide streamlined platform for end-to-end FX novation processing to bring standardisation, automation and transparency to the buy and sell side. The service is live and is being adopted by numerous leading banks and buy side participants. Novation plays an increasingly critical role in increasing efficiencies for participants. Complying with the ISDA Novations Protocol, ‘Capitolis Novations’ automates the currently manual workflow in both FX prime broking and bilateral trading. The service addresses operational, audit, cost, speed and scale inefficiencies resulting from the manual process.
The new solution will be delivered via NEX Infinity. This will allow NEX Optimisation customers to access it through their existing connection, with minimal changes to infrastructure. This can significantly speed up the time taken to adopt the solution and go-live. Alongside its relationship with NEX Optimisation, Capitolis will continue to provide this solution to market participants on a standalone basis.
Andrés Choussy, CEO of Traiana, said: “As the FX industry increasingly incorporates novation into their portfolio optimisation processes, there is an increasing market need for an end-to-end automated solution such as Capitolis. The addition of the Capitolis FX novation service to the Infinity platform complements our expanding suite of third party service offerings, and allows us to bring new post trade services to our customers.”
Gil Mandelzis, CEO of Capitolis, said: “We believe novation is a significant part of the future market structure and we are happy to partner with NEX Optimisation, with their wide distribution and connectivity in the global market. This new partnership will help Capitolis to accelerate the global adoption of this important new product.”