FX news: Digital Vega launch imminent
Digital Vega’s Medusa – “the world’s first multi-bank electronic FX options trading platform” – is within weeks of launch.
Mark Suter, Digital Vega’s co-founder, told the weeklyFiX that buy-side critical mass had been reached and eight major liquidity providers have been signed up. With options provision already offered by Bloomberg and mooted by other providers, we asked Suter what Medusa’s unique selling point is.
“Firstly, it is free to those buy-side clients that use it to trade, but also its very scalable and easily deployed across any browser or machine, and there is full post-trade support – which very soon will be supplemented with our tie-up with Traiana – and comprehensive reporting,” says Suter.
It will be interesting to see how the other players will take the emergence of Medusa. It has been suggested that some are investigating currency option requests for quote.
Unlike Bloomberg, SuperDerivatives and most of the proprietary bank offerings we’ve seen, the Medusa interface is simple and uncluttered, which should be a point in its favour.
I didn’t ask why the Digital Vega people named it after a snake-haired Gorgon.