In other FinTech news, CQG collaborates with ErisX, AcadiaSoft welcomes a buy-side firm, and Itiviti unveils packaged trading capabilities.
NEX Infinity Users Get Access to Capitolis
Customers of the NEX Infinity platform now have access to the automated foreign exchange (FX) novation service of U.S. startup Capitolis via a partnership intended to appeal to the customers of banks, prime brokers and financial services firms that are FX market participants.
Most novations are completed via manual processing that relies on Microsoft Excel spreadsheets and email messages. The Capitolis service targets that need for an automated solution. “The Capitolis’ FX novation service is a very effective workflow tool,” Gil Mandelzis, CEO of Capitolis, tells FTF News.
The Capitolis service, which complies with the ISDA Novations Protocol and targets bilateral trading, was created “to address the operational, audit, cost, speed and scale inefficiencies resulting from the manual process,” officials say. The novation solution will be delivered via NEX Infinity and “will allow NEX Optimisation customers to access it through their existing connection, with minimal changes to infrastructure,” officials add. “Capitolis will continue to provide this solution to market participants on a standalone basis.”
Capitolis actually launched its novation service this past May and listed major FX players HSBC, Citi, Bluecrest Capital Management (New York) and Brevan Howard as customers. (Tom Glocer, former CEO of Thomson-Reuters is the executive chairman and a co-founder of Capitolis.)
NEX Optimisation reached out to Capitolis rather than build its own automated FX novation service.
“We are building an open platform that allows for data to be shared with external third parties, with the client consent, and I think the message is: we’d like to have as many startups join our network,” Andrés Choussy, CEO of Traiana, tells FTF News. Traiana is part of NEX Optimisation, which is a business line within NEX Group; Traiana offers a portfolio of cloud hosted services for the many steps of a securities transaction lifecycle
CQG Collaborates with ErisX for Trading Technology
CQG, a provider of trading and market data, as well as technical analysis tools, and ErisX, a new exchange for digital-asset investors and traders, report that they are collaborating on trading technology, specifically on the provision of CQG’s Desktop as the front-end trading platform for ErisX customers.
The collaboration follows last week’s ErisX announcement that it plans to “launch a derivatives exchange and clearing organization that will include fully regulated digital asset futures and spot contracts on one platform.”
“We see the value that ErisX brings to the digital asset space and are excited to partner with them to present the spot crypto markets together with futures contracts on a single platform,” Ryan Moroney, CQG president, says in a statement.
AcadiaSoft Integrates First Buy-Side Firm into its Hub
AcadiaSoft Inc., a provider of risk and collateral management services for non-cleared-derivatives businesses, reports that all financial services firms within the phase three purview of the five-year initial-margin rollout have been “successfully onboarded onto the AcadiaSoft Hub, including the first buy-side firm to be subject to the rules.”
AcadiaSoft has now “integrated all Initial Margin phase 1, 2 and 3 firms to its AcadiaSoft Hub platform and services,” the vendor says.
Eight counter-party groups are within the phase 3 purview of the regulatory framework established by the Basel Committee on Banking Supervision and the International Organization of Securities Commissions, according to AcadiaSoft.
“We are humbled by the trust that firms place in us as they navigate this challenging regulatory landscape,” AcadiaSoft CEO Chris Walsh says in a prepared statement. “And we are committed to helping firms achieve IM compliance as efficiently and as inexpensively as possible.”
AcadiaSoft is headquartered in Norwell, Massachusetts.
Itiviti Unveils Packaged FX trading Capabilities
Itiviti, a multi-asset trading technology and financial-infrastructure provider, reports the introduction of Itiviti FX, a foreign-exchange trading procedure designed for compliance with regulatory requirements including MiFID II.
Itiviti FX uses a “modular, app-based architecture,” the firm says, specifying that it offers “cross-asset trading functionality, including algorithmic trading, distribution service, order and pre-trade risk. It also features a liquidity aggregation service which allows for mixing of different types of liquidity from multiple sources. The pricing engine supports maintaining different pools of liquidity, synthetic pricing and … parameters for sales margin and other fees.”
Itiviti FX includes a “range of connectivity options to FX liquidity providers and platforms, including FIX, ITCH, OUCH and other binary feeds,” the firm adds.
Itiviti characterizes itself as a “provider of multi-asset trading technology and financial infrastructure solutions for buy-side and sell-side market participants, including NYFIX, one of the industry’s largest FIX-based trading communities.”
NYFIX “together with its subsidiaries, provides trading workstations, middle office trade automation technologies, and trade messaging services in the United States and internationally,” according to S&P Global Market Intelligence’s private-company data.
Itiviti is owned by Nordic Capital.
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