Digitec Acquires Modular FX
Posted by Colin Lambert. Last updated: May 6, 2023
Pricing and data technology provider Digitec has announced the formal acquisition of e-trading and consulting services firm Modular FX, having been integrated with the firm’s business for some time.
As part of the acquisition the Modular FX directors have formally joined Digitec, although Stephan von Massenbach joined the firm as chief revenue officer in 2021, and Howard Grubb joined as product lead for electronic trading in July 2022.
Both continue to be based in Digitec’s London office, which now includes product, development, and delivery specialists in addition to sales and business development. The firm says this office brings Digitec closer to its London-based bank clients and prospects, offering access to many FX tradinghubs.
“The FX Swaps market continues to evolve at pace,” says Peer Joost, CEO of Digitec. “The most recent BIS Triennial Survey showed that FX swaps increased to 51% of all FX volume, driven largely by automation and the further development of electronic markets. As FX swaps technology specialists we continue to invest in our services and enhance our electronic pricing and data products as demand for electronic trading increases. Howard and Stephan’s market and technical experience helps us to address the rapidly evolving needs of our clients head on.”
Grubb adds, ““In recent years Modular FX has worked closely with Digitec and it quickly became apparent that there was a great deal of synergy between the two firms. It is clear that the electronification of the FX swaps market will continue to drive the automation of trader workflows, and by joining Digitec we are ideally placed to help our clients to benefit from this.”
Meanwhile, von Massenbach says, “The acquisition of Modular FX allows Digitec to accelerate business growth, to service the growing client demand for automated FX swaps and NDF trading, and to extend product coverage to related assets including pricing precious metals and interest rate products.”