Capitolis Adds More Than 20 Leading Institutions to FX Novation Service

Deutsche Bank, Standard Chartered, Nomura, Societe Generale, Brevan
Howard and BlueCrest amongst participants now on the platform

NEW YORK & LONDON & TEL-AVIV, Israel–(BUSINESS WIRE)–Capitolis, the pioneering technology provider for the capital markets,
announced today that the number of participants on Capitolis Novation,
its ground-breaking novation service in foreign exchange 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 this
service, which is the first of its kind in FX.

The platform is now fully live and processing the novation of FX option
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

Bevan Kaminer, COO of Coremont (provider of compression services to
asset managers, including Brevan Howard) said: “We are pleased to be
working with the experienced team at Capitolis. The process of novating
FX contracts using the Capitolis service represents a marked improvement
in operational efficiency. We have been able to speak to our bank
counterparties proactively and gain better service and execution with
regards to reducing counterparty exposure.”

David Reid, Managing Director, Global Head of FX Prime Brokerage at
Deutsche Bank, said: “We believe the market as a whole has already
benefited from the centralized solution which is automating the
discovery, negotiation and agreement of transactions using the migration
of contracts utilized in novation. In our role as an Executing Bank and
Prime Broker, we are pleased to be part of the network to bring an
innovative way of solving an industry problem around optimization and we
are happy to be working with a team with the strength and expertise of

Graham Wintersgill, Managing Director of FX Sales at Standard Chartered,
said: “In our capacity as an Executing Bank, we believe this service
helps address both cost and efficiency and provides better automation
and transparency working across the FX market, which benefits our
clients and improves their experience. Capitolis has brought an
innovative solution with excellent functionality, to support what is a
significant capital constraint and we believe this will benefit the
market as a whole.”

Russell Watson, Global Markets COO, EMEA of Nomura said: “We are
constantly looking for ways to streamline our business processes and
generate efficiencies. The Capitolis platform enables us to improve an
otherwise manually intensive process to enhance our clients experience.”

Gil Mandelzis, CEO of Capitolis said: “Since we launched the service, we
have seen tremendous growth with numerous leading market participants
working with us to establish this industry solution for novation. We are
grateful for the strong support our solution has received from executing
banks, prime brokers and leading buy side firms. We believe the
accelerated market adoption has demonstrated the benefit of this unique
and holistic network of collaboratively working on a key constraint in
the capital markets.”


Notes to Editors:

Capitolis Novation is a solution which automates the currently manual
workflow in both FX prime broking and bilateral trading, providing
capital efficiencies for the FX market. The service helps mitigate
against costs and inefficiencies linked to the manual process of
novation that banks currently employ to meet their regulatory capital
requirements as well as managing client credit capacity. Launched in May
2018, Capitolis has created the first industry-wide streamlined platform
for end-to- end FX novation processing.

In October 2018, Capitolis announced
it would be providing its novation service through the NEX Infinity
platform, to allow the distribution of the service to the NEX client

In March 2018, the company announced
that it had secured funding from Sequoia Capital and Index Ventures in a
seed and Series A round in which it raised $29 million.

About Capitolis

Capitolis is a pioneering technology provider for the global capital
markets. Founded by key industry executives from banking and financial
technology, Capitolis’ mission is to build new products and services to
address capital markets constraints, initially in equities and foreign
exchange. It will employ Capitolis’ proven expertise in finance,
distribution and processing to better connect appropriate capital with
the best collaborative solutions to clients all over the world. For
further information, please go to our website
and LinkedIn.


Media enquiries:
Serra Balls, Eterna Partners +44 20 3911 0353 /

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