Trading automation in the non-spot FX world is again firmly in the sights of Colin Lambert and Galen Stops in this week’s podcast, although this time it is in FX options. With SynOption launching in Singapore this week and Digital Vega expanding its capabilities further, they ask, ‘is this the time that the FX options […]
Tag: Digital Vega
Digital Vega is continuing to ramp up its business ahead of a series of new launches this year with the hire of Rob Wemyss as a non-executive director and head of business development. Wemyss, who joins after 25 years with JP Morgan where he was global head of FX options, is the latest in a […]
FX options trading solutions provider Digital Vega has announced three appointments to its business to support ongoing product development and business expansion, with the hires of Simon Nursey, Asa Attwell and Laura Winkler. Nursey has been appointed head of Asia and joins from Standard Chartered Bank, where he was head of FX options trading in […]
Standard Chartered Bank has become a liquidity provider on Digital Vega’s FX options Medusa trading platform, bringing its unique global footprint of actively trading over 100 currencies and pricing an range of emerging markets and G10 currencies. “As more of our clients adopt electronic trading it is important that we serve them via their preferred […]
Digital Vega hired Simon Lewis as head of interdealer solutions and Romain Camus as head of exotic options.Prior to this role, Lewis spent 20 years at Tullett Prebon, building an exotic options desk from scratch and ultimately being appointed as global head of FX options until leaving the firm in 2016.Camus joins from VTB Group, where he was executive director, head of FX structuring. He previously worked at Goldman Sachs and Deutsche Bank as a structurer.
“We are very pleased to welcome Simon and Romain to our growing team. They bring extensive domain knowledge, many years of experience working in our core markets, and valuable contacts that will help to fuel our development,”
They may both have been a long time in the pipeline, but the wait for CME and LCH’s introduction of OTC FX options clearing services is nearly over. Yet with both due to launch before the end of 2017, just how much appetite is there likely to be from the prime services sector to support these initiatives? Nicola Tavendale writes.
While there are many different ways institutions can try to reduce their capital costs, clearing is by far the most efficient, according to Paddy Boyle, head of ForexClear at LCH. And even before the advent of the uncleared margin rules, there were already significant benefits to clearing non-deliverable forwards (NDFs), both in terms of enhanced risk management and obtaining operational and capital efficiencies, he adds. “Since the uncleared margin rules were implemented in September 2016, clearing has become a much bigger priority for many firms,” Boyle says.
FX options trading technology provider Digital Vega has launched Intelligent Execution (IE), an engine that provides, the company claims, “a unique new FX Option execution and workflow management solution”.
The firm says IE fully automates the option trade lifecycle from order upload, validation, price checking, execution and finally confirmation. All relevant parameters are user configurable to allow for changes in market conditions, risk limits, and specific currency pair liquidity. Users are also able to pair or net individual orders on the fly to further reduce execution costs.