As per recent announcement made by the firm, UK based forex trading solutions provider Digital Vega, UK based banking and financial service provider Standard Chartered has partnered with the firm to gain access to the former’s liquidity service platform Medusa. According to Digital Vega’s website, Medusa is a web based platform designed to revolutionise the way FX options are traded via offering a slew of benefits such as aggregated competitive pricing in single intuitive GUI, comprehensive pre and post trade execution management tools and sophisticated reporting. The platform delivers competing pricing from up to 5 banks, streams across a range of option structures and over 60+ currency pairs. The deal enables the UK based financial service provider to join the club of tier 1 financial firm that provides liquidity service to clients using Medusa platform.
Aside from Standard Chartered, Some of the other major tier 1 financial sector firms which act as liquidity providers via Medusa platform are HSBC, JP Morgan and Bank of America Merrill Lynch. Speaking about this deal, Alex Axentiev, Managing Director at Standard Chartered commented, “As more of our clients adopt electronic trading it is important that we serve them via their preferred channels on a global basis, which includes Digital Vega’s Medusa platform. This is particularly important as we continue to grow our FX Options business. We have been impressed with Digital Vega’s platform from the outset and look forward to continuing our close working relationship in the future”. Standard Chartered currently traders in more than 100 currencies and provides pricing in a large ser of emerging markets and G10 countries.
The firm also revealed plans to set up a pricing engine for forex trading in Singapore with support from Monetary Authority of Singapore earlier this year. Speaking about this deal, Mark Suter, Executive Chairman of Digital Vega commented, “We are delighted that Standard Chartered has joined Medusa, bringing a strength and depth in emerging markets to our clients, and we look forward to working with them on our FX options platform, and a range of planned new services. The FX options market continues to migrate to electronic trading channels, with the pace of change accelerating, due to regulation, transparency and increased efficiency. Clients are increasingly asking for help to evidence best execution, and as the leading multi dealer platform, we are able to do just that”.
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