Capitolis
Capitolis has raised $40 million as it completes its Series B round of funding, which was led by Spark Capital and SVB Capital. Existing investors, Index Ventures, Sequoia Capital and S Capital also participated in the round, bringing the total capital raised to date to $70 million. Capitolis says that this latest funding will support […]
Capitolis has announced a strategic hire to its executive leadership team with Jessica Zall joining as vice president and head of marketing. In this newly created role, Zall will be based in New York and report to Gil Mandelzis, CEO and founder of Capitolis and she joins, the firms says, a time of “significant growth”. In her role Zall will drive the overall marketing and brand strategy […]
Capitolis has appointed Joseph Molluso as its new CFO. Based in New York, Molluso will start at Capitolis in October will report directly to the firm’s CEO and founder, Gil Mandelzis. Prior to this latest appointment, Molluso spent the past six years as executive vice president and CFO at Virtu Financial, where he was a […]
Justin Klug has been appointed president of Capitolis, having most recently served as chief operating officer of the company. Klug has served on the Capitolis leadership team for the past two years, having joined from his role as managing director at Credit Suisse where he led the US rates structuring team and was responsible for […]
Capitolis has appointed Shervyn von Hoerl as head of investor solutions, he will focus on the Capitolis Finance product suite, due for launch later this year and will help drive the development of new solutions in partnership with clients and investors as Capitolis builds new products and services to address capital market constraints. von Hoerl was […]
Capitolis, a technology provider for the capital markets, announces today that the number of participants on Capitolis Novation has grown to more than 20 bank and non-bank customers. As well as previously announced Citi, HSBC, BlueCrest and Brevan Howard, other market participants including Deutsche Bank, Standard Chartered, Nomura and Societe Generale are collaborating with Capitolis on the service, which Capitolis says is the first of its kind in FX. The platform is now fully live and processing the novation of FX options contracts amongst multiple participants. Additional functionalities and other balance sheet reduction models are currently being tested and rolled out including bilateral option novation and forwards and swaps novation.
Capitolis has announced that Citi and HSBC are the first FX prime brokers to go live on its novation service.The two banks were live in December 2018 and contributed to bringing the service to market alongside Capitolis. The service, called Capitolis Novation, is a technology platform that automates manual workflows in both FX prime broking and bilateral trading, working collaboratively to provide capital efficiencies for the FX market. The service aims to help reduce overall balance sheet notional and risk exposures that banks currently employ to meet their regulatory capital requirements.
Capitolis has made three senior hires as it looks to continue expanding its novation business. Paul Perdoni and Sam Grant joined the firm in December, with the former charged with focusing on EMEA strategic accounts and the latter on EMEA buy side sales. In addition, Ralitza Fortunova will join Capitolis in February 2019, she has been appointed to the role of managing US strategic accounts. Perdoni and Grant are based in London, while Fortunova will be based in New York.
The Foreign Exchange Professionals Association (FXPA) has announced the addition of Capitolis as the newest associate level member of the FX trade group.
“The changing market landscape and regulations are forcing all of us to think differently around the future structure of the market,” says Gil Mandelzis, CEO and founder of Capitolis. “Capitolis is responding to those changes by finding new ways of connecting capital with the best collaborative solutions to clients all over the world. We are pleased to support the FXPA in their efforts to benefit the industry and the wider public by promoting better standards and practices in accordance with their mission to foster a healthy global FX market.”
John Shay, president of FXPA, adds, “We are thrilled to welcome Capitolis to our ranks at FXPA, as Gil and team represent another vibrant, innovative and potentially disruptive solution to the global FX space that our membership community is well positioned to embrace.”
NEX Optimisation and Capitolis have entered into a partnership to provide immediate access to Capitolis’ FX novation service through the NEX Infinity platform.
Launched in 2018, Capitolis has created a platform for end-to-end FX novation processing to try and bring greater standardisation, automation and transparency to the buy and sell sides.
Complying with the ISDA Novations Protocol, ‘Capitolis Novation’ 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.
