OTC FX options marketplace SpectrAxe has secured a Series A investment led by Susquehanna International Group, to drive innovation in the FX options trading market.
Jarrod Boland
The funding round, which included Susquehanna Private Equity Investments, LLLP (SPEILLLP), a member of Susquehanna, also saw IMC and CTC participating as co-investors.
The investment is expected to accelerate change by allowing market participants to trade OTC FX options directly with each other within a single venue, through SpectrAxe’s all-to-all central limit order book (CLOB) platform.
Jarrod Boland, associate director at Susquehanna International Group said: “We’ve watched SpectrAxe’s development with great interest since their launch. Their platform has demonstrated that a central limit order book can successfully operate in the OTC FX options market, driving meaningful improvements in price discovery and liquidity access.”
Through using CLOB, the company aims to address traditional challenges facing the FX options market including manual chat or phone-based trading and reduce barriers to entry for market access while improving operational efficiencies.
“We have a shared belief that by solving the credit problem to enable true all-to-all trading in FX options in an anonymous, exchange-style environment, market fragmentation will become a thing of the past,” said chief executive of SpectrAxe, Scott Greene.
Read more – SpectrAxe and OSTTRA partner to streamline FX options trading
In July 2024, SpectrAxe and OSTTRA partnered on an end-to-end service aimed at streamlining FX options trading through automation of the entire process.
Ramon Puyane, head of FX trading at IMC said: “SpectrAxe is redefining FX trading with an electronic platform that brings the structure and efficiency of major listed exchanges to the OTC market.
“By leveraging a non-disclosed central limit order book, it aims to unlock a new level of price discovery and transparency. Increased adoption of SpectrAxe by traders into their workflow is expected to drive significant volume growth, cementing its position as a key liquidity venue in the FX landscape.”