Pioneering technology provider Capitolis on Thursday announced the launch of its foreign exchange credit switching service. The company, which was founded in 2017, says the service, called Capitolis Switch, is the first of its kind to connect capital with suitable collaborative solutions.
The service went live today and was launched in conjunction with a number of leading players in the FX industry. Citi, Jefferies, and FXCM partnered with the firm for the launch of the product which aims to change the way in which firms obtain credit in capital markets transactions.
Commenting on the new service, Capitolis CEO Gil Mandelzis said: “We are excited to be live with Capitolis Switch and to be working with institutions of the calibre of Citi, Jefferies and FXCM who have demonstrated their innovative thinking in partnering with us to bring this service to the financial markets. This is a completely new approach to the provision of credit in capital markets transactions.”
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Sanjay Madgavkar, Managing Director and Global Head of FX Prime Brokerage at Citi, discussed the launch of the new service. He noted that Capitolis Switch will “enable new flexible credit models which strengthen our FX prime brokerage service.”
Banks using the new service will be able to expand their prime brokerage infrastructure and reach new clients. Credit providers will also benefit from Capitolis Switch as it enables them to use both Capitolis and deal processors to expand their client base.