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.
To learn more about the Capitolis Novations platform, visit https://capitolis.com/novations.
About Capitolis
We believe the financial markets can and should work for everyone. Capitolis is the technology company helping to create safer and more vibrant financial markets by unlocking capital constraints and enabling greater access to more diversified capital and investment opportunities. 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. Capitolis is backed by world class venture capital firms, including Canapi Ventures, 9Yards Capital, SVB Capital, Andreessen Horowitz (a16z), Index Ventures, Sequoia Capital, Spark Capital, and S Capital, as well as leading global banks such as J.P. Morgan, Citi and State Street.
Founded in 2017, our team brings decades of experience in launching successful startups, technology, and financial services. Capitolis was named World’s Best FX Software Provider for the second consecutive year in the 2024 Euromoney Foreign Exchange Awards as well as to CNBC’s World’s Top Fintech Companies 2024 list for the second straight year, Fast Company’s prestigious annual list of The World’s Most Innovative Companies for 2023, and ranked #68 on the 2023 Deloitte Technology Fast 500 list. American Banker recognized Capitolis among the Best Places to Work in Fintech, and the company was named by Crain’s New York Business as one of New York’s Best Places to Work in 2024 for the third consecutive year. For more information, please visit our website at www.capitolis.com or follow us on LinkedIn.
Contacts
Edward Ruddy
Sloane & Company
[email protected]
Brian Zilberfarb
Capitolis
[email protected]
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