Woolfenden Joins Digital Vega
Posted by Colin Lambert. Last updated: November 10, 2021
Jeremy Woolfenden has joined FX options trading technology provider Digital Vega to head up a new offering, an FX option order book.
Woolfenden was formerly global head of emerging markets for FX options at TP Icap, but became embroiled in a regulatory investigation by the Commodity Futures Trading Commission (CFTC) over brokers allegedly “flying” prices. He left the inter-dealer broker after 30 years with the firm in its various guises and will now focus on delivering what will be the first real electronic CLOB (central limit order book) for FX options.
Observing that month-on-month volumes on its B2C Medusa platform are growing, Digital Vega CEO and founder Mark Suter says, “Digital Vega has had a phenomenal year and we are thrilled that Jeremy has joined the team; he will be a huge asset to the company and will be instrumental in driving the business forward.”
Woolfenden adds, “‘I am excited to join team Digital Vega at such a crucial time of their growth. With a few exciting projects up their sleeves, I look forward to rolling out an innovative, electronic trading solution which will drive digital transformation in FXO technology and deliver significant cost savings to the banking community globally.”
CLOBs have been tried previously in FX options with little success, however there is a sense that the environment may be more welcoming now. Banks typically have been very protective of their FX options franchises, but with greater automation very much on the agenda for all firms, Digital Vega’s timing could be perfect – especially as it is targeting the inter-dealer space. In the 2019 BIS Triennial Survey of FX Turnover more than one-third of all FX turnover was executed between Reporting Dealers and in the UK, this sector shares more than half of daily turnover.