Capitolis Launches Futures Porting Service as Barclays Invests

Capitolis has leveraged one of its FX services to launch a futures porting service in collaboration with Barclays and Citadel, following what the firm says is the need for greater efficiency in the futures market.

The future porting service is aimed at hedge funds, asset managers and FCMs, and will allow for greater scalability and efficiency as it automates currently manual processes, Capitolis says. Trading firms that use multiple FCMs today spend significant amounts of time and resources on optimising financial resources allocation.

Citadel and other buy-side firms are already using the first iteration of porting solution to facilitate position transfers with Barclays and other FCMs. Capitolis says it will continue to work with market participants to introduce additional features for both FCMs and the buyside, as the product ramps up.

Craig Robertson, head of Barclays Capital Inc. FCM, says that Capitolis continues to be a strong partner for the bank in driving industry enhancements across post-trade workflows, while Jamie Clayton, head of EMEA and APAC operations at Citadel says that better risk mitigation and added operational and capital efficiencies add up to a “strategic advantage.”

“We were approached by the industry for a solution that addresses the growing need for futures porting and responded immediately,” says Gil Mandelzis, CEO and founder of Capitolis. “Over the next few months, we will introduce additional functionality and go live with more market participants on both the buy- and sell-side.”

Alongside the new launch Barclays has invested an undisclosed amount in Capitolis and taken a seat on the firm’s board of directors. “We’re pleased to support the ongoing development of innovative products by Capitolis, and this investment further cements the collaboration between our firms,” says Kester Keating, head of US principal investments at Barclays.