Fintech company Capitolis has developed an expanded novations solution in partnership with Societe Generale, enabling the prime broker to be the first to offer full straight-through processing (STP) of FX options novations.
Societe Generale approached Capitolis seeking a fully automated solution enabling its clients to novate FX options within its network without manual intervention.
Leveraging the Capitolis Novations platform, and in collaboration with Societe Generale, Capitolis delivered a solution that increases speed, automates a primarily manual process, and reduces operational requirements. Capitolis conducts the novations on its platform, which then messages into Societe Generale’s TRM system. The solution is now live on the Capitolis Novations platform and available for banks seeking full STP processes for FX options novations.
“Capitolis is proud to offer Societe Generale Prime Brokerage a fully STP solution,” said Ben Tobin, Co-Head of Market Development for Portfolio Optimization, Capitolis. “We are grateful to Societe Generale for bringing together all parties, and it has been great to get this over the line as we welcome our first asset manager on the Capitolis Novations platform.”
Luke White, Head of Foreign Exchange Prime Brokerage, EMEA & APAC, Societe Generale said:
“Once again, Societe Generale builds on its well-earned reputation for financial innovation by bridging a critical gap between the two market dominant players in the upstream and midstream world of trade processing. This solution delivers a more efficient netted portfolio of exposures, helping both clients and banks recycle credit, reduce leverage, and boost trading efficiency.”
The Capitolis Novations platform, the only FX novation platform on the market, helps drive efficiencies, safely expanding execution opportunities within the FX market and further reducing its risk and capital footprint. As Capitolis continues to innovate and expand its offerings, the successful implementation of straight-through processing for FX option novations sets a new standard for efficiency and automation in the financial industry.
