FX options trading solutions provider Digital Vega announced on Tuesday that Standard Chartered is joining its Medusa trading platform as a liquidity provider.
The London-based bank joins a growing list of tier-1 firms that provide liquidity to companies using Medusa, including HSBC, JP Morgan, and Bank of America Merrill Lynch. US clients do not currently have access to the trading platform.
“As more of our clients adopt electronic trading it is important that we serve them via their preferred channels on a global basis, which includes Digital Vega’s Medusa platform,” said Alex Axentiev, Managing Director at Standard Chartered.
“This is particularly important as we continue to grow our FX Options business. We have been impressed with Digital Vega’s platform from the outset and look forward to continuing our close working relationship in the future.”
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“Depth in emerging markets”
Axentiev’s firm currently trades in more than 100 currencies, providing pricing in a large set of emerging market and G10 currencies.
In June, the bank also announced plans to set up a pricing engine for foreign exchange trading in Singapore with the support of the Monetary Authority of Singapore.
“We are delighted that Standard Chartered has joined Medusa, bringing a strength and depth in emerging markets to our clients, and we look forward to working with them on our FX options platform, and a range of planned new services,” said Mark Suter, executive chairman of Digital Vega.
“The FX options market continues to migrate to electronic trading channels, with the pace of change accelerating, due to regulation, transparency and increased efficiency. Clients are increasingly asking for help to evidence best execution, and as the leading multi dealer platform, we are able to do just that.”