Citi Announces Strategic Investment in Digital Vega
NEW YORK – Citi today announced a strategic investment in Digital Vega, a leading provider of FX derivative trading solutions.
Headquartered in the UK, Digital Vega specialises in developing over-the-counter (OTC) FX options trading platforms and workflow automation tools, catering to the growing demand for electronic solutions in the FX options market.
As the FX options market continues to shift from traditional voice-based trading to more modern, electronic channels, banks and buy-side firms seek modern and innovative services to automate trading workflows.
Ayesa Latif, Head of FX Products at Citi, said, “As a global leader in FX markets, 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.”
Deepak Mehra, International Lead for Markets Strategic Investments, at Citi commented, “Digital Vega is utilized daily by many banks and institutional investors, leading the field with innovative workflow solutions for FX options market participants. We are delighted to support their continued innovation and excellence and look forward to being a part of their journey towards further success”.
“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,” said Mark Suter, Executive Chairman and Co-Founder of Digital Vega. “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.”
The investment was led by Citi’s Markets Strategic Investments arm, which sources and executes venture investments in fintech companies and financial market infrastructures that drive innovation and progress across markets.
Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in more than 180 countries and jurisdictions, providing corporations, governments, investors, institutions, and individuals with a broad range of financial products and services.
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Digital Vega is a company operating the pioneering Medusa, Hydra and Vega FX Options trading platforms. Digital Vega’s client-driven focus and unparalleled liquidity has made the Company the market leader in the OTC FX options marketplace.
As more OTC and derivatives markets migrate to electronic trading models, driven by regulations and client demand, Digital Vega is at the forefront of these new developments. It continues to add new financial products, support new asset classes, and bring new market innovations to its award-winning platform.
Major global FX banks and FX prime brokers provide liquidity to Digital Vega. Clients are institutional investors, hedge funds, asset managers, agency brokers and regional and private banks.
Formed in 2010, Digital Vega is headquartered in London and is backed by strategic institutional investors. For more information, visit www.digitalvega.com
Media Contact
Citi
Hailee Shanahan hailee.shanahan@citi.com
Digital Vega
Jake Smith jake.smith@brandexfinancial.co.uk