Digital Vega has launched its FX option trading platform Medusa, which allows market participants to trade a range of FX option structures on prices from up to five relationship-based liquidity providers.
The first transactions were undertaken by Pareto Investment Management, a currency risk manager which is part of BNY Mellon Asset Management.
Medusa provides intuitive trading functionality via a simple GUI, which can operate in any browser or via API. Pricing is available in either premium or volatility terms, with or without delta hedge with real-time execution and confirmation.
The platform delivers reporting tools to both buy- and sell-side participants, enabling them to identify best execution as well as detailed client and provider activity and service levels. It is also integrated to the Traiana Harmony network, which delivers real-time trade notifications and comprehensive position and exposure management tools.
Built around input from many active market participants and supported by ten of the worlds largest FX banks, Medusa is live with the first wave of participants and is now being rolled out across global asset managers, corporates, hedge funds and regional banks.
Mark Suter, chief executive of Digital Vega, says: “In a market environment where users increasingly require multiple, comparable quotes under fiduciary regimes, we believe Medusa is a real step forward and will set new market standards in FX option trading. We anticipate many market participants who are looking to benefit from simplicity, transparency and liquidity in their trading, coming onboard in the coming weeks.”
