Capitolis has broadened its novation capabilities through a new integration with Societe Generale, marking a significant step forward in straight-through processing (STP) for FX options.
The partnership enables Societe Generale to become the first prime broker to offer full automation for FX options novations, it said.
Capitolis used its Novations platform to construct a solution that streamlines and accelerates the end-to-end workflow. Through close collaboration, the two firms created a new STP model designed to eliminate operational bottlenecks and reduce the workload for both banks and asset managers involved in FX options activity.
Under the new approach, Capitolis handles the novation process on its platform and automatically sends the resulting messages into Societe Generale’s TRM system. The integration is already live and available to other banks looking for complete automation in their FX options novation processes.
Capitolis Co-Head of Market Development for Portfolio Optimization Ben Tobin said, “Capitolis is proud to offer Societe Generale Prime Brokerage a fully STP solution. 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.”
Capitolis positions its Novations platform as the only FX novation platform currently available in the market, providing institutions with tools to expand execution opportunities and minimise capital and risk burdens.
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