Digital Vega Targets Asset Managers with FactSet Deal

FX options e-trading platform Digital Vega has integrated its service with FactSet’s FX execution management system Portware as it targets workflow efficiencies for asset managers in particular.

Portware currently offers a single method of execution across cash FX alongside fixed income, equities and futures, but with FX options workflows becoming increasingly automated, it is seeking to embrace the growing e-trading in the space.

“Growing regulatory pressure and increasing competition is driving demand for more automated and efficient solutions,“ says Mark Suter, executive chairman and co-founder of Digital Vega. “By partnering with FactSet we are able to extend our coverage to large asset managers, which will deepen liquidity for the benefit of all our clients. We are fortunate to be recognised as a leader in our field, and as a specialist provider of FX options technology we have successfully automated some of the most complex trading workflows. We look forward to continuing our collaboration with FactSet.”

John Marchese, head of FX sales  at FactSet, adds, “As the FX options market has become increasingly electronic, we wanted to work with a best-in-class e-FX options provider in that market. Adding FX options to Portware was a logical decision, which will provide our clients with high levels of workflow automation by our EMS, combined with a deep pool of liquidity from Digital Vega.”

The deal has been welcomed by Toby Baker, head of FX trading  at T. Rowe Price, who says, “For some time, we have been using Portware for our day-to-day cash trading requirements and have also been aware of Digital Vega’s capabilities. Adding Digital Vega’s FX options liquidity and workflow management into Portware’s EMS to provide a single, fully integrated solution will bring huge benefits to the team.”