(11 December 2024 – United Kingdom) Citi’s Markets Strategic Investments division has led the bank’s investment in FX Options platform Digital Vega as interest in FX Options automation ramps up quickly.
Colin Lambert reports for The Full FX that Digital Vega, headquartered in the UK, specialises in developing over-the-counter (OTC) FX Options trading platforms and workflow automation tools. The group also has a joint project with CME Group that allows users of its Medusa platform to price and trade blocks on CME FX Options on Futures.
The investment follows the launch of new Fintechs seeking to tap into the digital FX Options platform market.
“Our investment in Digital Vega underscores our commitment to providing clients with unique technology solutions that complement our existing offering on our award-winning platform, Citi Velocity. This investment aligns with our vision to further automate and invest in the electronification of FX markets” commented Citi Head of FX products, Ayesa Latif.
“As banks and buy-side firms focus on automating FX options trading workflows, Digital Vega is regularly asked by clients to develop new automated services or build enhancements. We are pleased to have attracted this new investment from Citi which provides us with the resources to respond faster to new opportunities and expand our services while continuing to provide high levels of service” stated Citi Executive Chairman and Co-Founder of Digital Vega, Mark Suter.
“Things definitely seem to be accelerating in the push to automate FX Options trading” The Full FX Co-Founder and Publisher Colin Lambert commented.