Digital Vega and CME Group have announced the launch of a new FX options block trading service. Currently available for client testing, buy-side firms will be able to use existing OTC workflows on Digital Vega’s multi-bank platform Medusa to request quotes and trade blocks of FX options on futures.
“Enabling customers to negotiate and trade risk-transfer blocks via Digital Vega’s Medusa platform is an exciting development in the electronification of the FX options market,” said Chris Povey, Executive Director and Head of FX Options, CME Group. “This partnership lowers the barriers to entry for buy-side clients looking to gain the margin and operational benefits of our centrally cleared FX options by allowing them to use existing OTC workflows and lean on OTC relationships. In addition, clients could gain access to new liquidity given there is no requirement for bilateral credit relationships.”
