DIGITEC acquires eTrading services provider Modular FX
Hamburg based eFX pricing solutions company DIGITEC has announced that it has acquired Modular FX, a specialist provider of electronic trading technology and consulting services.
As part of the acquisition the Modular FX Directors have joined DIGITEC. Stephan von Massenbach joined DIGITEC as Chief Revenue Officer in 2021, and Howard Grubb joined as Product Lead for electronic trading in July 2022.
Stephan and Howard are based in DIGITEC’s London office, which now includes product, development, and delivery specialists in addition to sales and business development. The office brings DIGITEC closer to its London-based bank clients and prospects, offering access to many FX trading hubs – a central element of DIGITEC’s strategy of being close to FX markets and working with clients to drive a greater degree of automation in their FX workflows.
Peer Joost, CEO of DIGITEC said:
“The FX Swaps market continues to evolve at pace. The most recent BIS Triennial Survey showed that FX Swaps increased to 51% of all FX volume, driven largely by automation and the further development of electronic markets. As FX Swaps technology specialists we continue to invest in our services and enhance our electronic pricing and data products as demand for electronic trading increases. Howard and Stephan’s market and technical experience helps us to address the rapidly evolving needs of our clients head on.”
“The acquisition of Modular FX allows DIGITEC to accelerate business growth, to service the growing client demand for automated FX Swaps and NDF trading, and to extend product coverage to related assets including pricing Precious Metals and Interest Rate products,” said Stephan von Massenbach, CRO of DIGITEC.
“In recent years Modular FX has worked closely with DIGITEC and it quickly became apparent that there was a great deal of synergy between the two firms,” said Howard Grubb, Product Lead for electronic trading at DIGITEC. “It is clear that the electronification of the FX Swaps market will continue to drive the automation of trader workflows, and by joining DIGITEC we are ideally placed to help our clients to benefit from this.”
Following the appointment in early 2022 of Peer Joost to DIGITEC CEO, the company’s growth strategy leverages opportunities presented by the increasing automation of FX swaps markets globally. It includes expanding to new markets and asset classes, as well as targeting regional trading banks, to enhance their market making capabilities with DIGITEC’s market leading D3 product family and the Swaps Data Feed (SDF), developed in partnership with 360T.
DIGITEC is the company behind the world-leading FX, Money Market, Interest Rates and Precious Metals pricing engine D3. More than 50% of the Euromoney Top 50 FX firms use DIGITEC, running the software on a 24h basis in different trading centres globally. DIGITEC also offers Swaps Data Feed (SDF), developed in partnership with 360T. The company is headquartered in Hamburg, Germany with another office in London.