Citi Invests in Digital Vega

Citi’s Markets Strategic Investments arm, which sources and executes venture investments in fintech companies and financial market infrastructures, has led the bank’s investment in FX options platform Digital Vega.

Terms of the investment were not disclosed, however the investment comes at an interesting time given the growing interest in the automation of FX options and the launch of new firms seeking to tap into that platform market. Headquartered in the UK, Digital Vega specialises in developing OTC FX options trading platforms and workflow automation tools, but also has a joint project with CME Group that allows users of its Medusa platform to price and trade blocks on CME FX options on futures.

“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,” says Ayesa Latif, head of FX products at Citi. “This investment aligns with our vision to further automate and invest in the electronification of FX markets.”

Mark Suter, executive chairman and co-founder of Digital Vega, adds, “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. 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.”