Capitolis: FX portfolio optimisation and institutional capital solutions

Capitolis addresses two different balance-sheet problems. Portfolio optimisation reduces or rearranges existing exposures; Capital Marketplace sources capital for financial institutions that want additional capacity. Banks are central users, while institutional investors participate on the funding side. The service is therefore relevant to an FX broker through its bank, prime-broker and derivatives relationships, rather than as a standard retail trading account.[3]

The Capital Marketplace offering targets both originators and capital providers. Its investment opportunities can span maturities and risk profiles; the public description does not establish a uniform investment yield, collateral haircut or credit limit. Those economics belong to the particular financing structure.[3]

In the UK OTF, the documented interfaces are a secure web UI and automated file transfer. Proposed transactions can be downloaded as booking templates.[6]

The Novations workflow centralises review, initiation, approval and recording. It is designed to replace fragmented email processing while retaining the sequence of decisions and supporting documents. A broker integrating the workflow needs to distinguish identifying an opportunity from obtaining the counterparties’ approvals and booking the resulting changes.[5]

A concrete November 2025 implementation connects Capitolis Novations with Societe Generale Prime Brokerage. Capitolis performs the novation and messages the result into Societe Generale’s TRM system. The announcement describes the solution as live for an asset-management client and available to other banks seeking straight-through FX-option novations. It does not claim that every bank connection is already enabled.[12]

The December 2021 Acadia launch documents another route: Acadia’s risk analytics and margin data feed a joint SA-CCR process covering FX forwards, options, deliverable swaps and cross-currency swaps. The resulting transactions are intended to reduce capital consumption while leaving net FX risk largely unchanged.[13]

The site’s general terms govern use of the website, including information presented there. They are not a substitute for a signed portfolio-services or financing agreement and do not establish a service-level commitment for an enterprise implementation.[19]

Capitolis describes portfolio-optimisation workflows lasting one or two days. That is a supplier description of the run workflow, not a guaranteed time to open a relationship or complete a technical deployment. The target measures include capital requirements, margin funding and GSIB exposures, so the selected objectives affect the exercise.[2]

For SA-CCR, the operational starting point is data in the supported format and a defined set of constraints. The user then examines the effect across the relevant metrics. Choosing a different objective or constraint can change the proposed trades, even when the underlying portfolio is unchanged.[4]

The Societe Generale case shows why implementation also depends on the receiving bank’s systems: the automation completes the workflow by messaging the bank’s trade-processing system. Its value comes from the connected approval and booking process, not simply a portfolio file arriving at Capitolis.[12]

The published business enquiry form asks for the person, company, role and intended requirement. Capitolis lists offices in New York, London and Tel Aviv. The public contact information does not supply a universal severity matrix, support-hours schedule or response-time promise.[18]

The UK complaint route includes professional clients. Written complaints are directed to Compliance at the London office, and the complaints-handling policy is available on request. This route is separate from resolving a live optimisation run with the operating team.[8]

The SEC’s February 2026 withdrawal order is a registration-form transition: CLGM had become a broker-dealer and sought to replace Form SBSE with SBSE-BD. Read alongside the later dealer list, that order should not be described as a permanent withdrawal from the business.[10]

The CFTC relief runs until the earlier of relevant rulemaking or 31 December 2028. For the covered optimisation activities it addresses SEF registration, trade-execution and clearing requirements, subject to specific conditions. Neither the provider nor its affiliates may be counterparties to transactions generated by that service.[11]

Capitolis Inc. is the parent named in its website terms. The company identifies Gil Mandelzis as CEO and founder and Tom Glocer as executive chairman and co-founder. Its growth combines portfolio technology with separately constituted financing businesses.[1][19][7]

The December 2024 acquisition of Capitalab from BGC added rates portfolio compression and margin optimisation for USD 46 million. The same corporate history identifies the 2021 acquisition of LMRKTS. These acquired businesses extend Capitolis’ portfolio capabilities; they do not make BGC itself part of the group.[14]

On 29 September 2026, Capitolis announced an agreement to buy eSecLending for USD 200 million in cash, subject to regulatory, antitrust and other closing conditions. The agreement excludes eSecLending (Europe) Limited. The inspected announcement establishes a proposed transaction, rather than completed ownership of that business.[15]

The 6 October 2026 announcement separately confirms completion of USD 220 million of financing, including USD 120 million of Series E equity at a USD 1.9 billion valuation and a debt component. That financing was intended to support the acquisition and growth; it is not confirmation that the acquisition had closed.[16]

Operator

Capitolis Inc. and service-specific subsidiaries

Service scope

Derivatives compression, counterparty-risk and capital optimisation, FX-option novations and institutional capital structures.

Customer types

Banks; Broker-dealers; Institutional investors; Asset managers

Delivery

SaaS

Pricing publication

Public and quoted pricing

Platforms

Capital Marketplace; Novations

Implementation

Portfolio data, participant constraints and counterparty consent determine optimisation runs; integrations are relationship-specific.

Support

Business enquiry form and UK compliance contact; no public numerical service-response SLA established.

Permissions and regulatory scope

UK OTF status is provider-disclosed; US SEC and CFTC documents identify separate dealer and PTRR entities.

Provider metadata checked 21 Oct 2026Source 1Source 19Source 2Source 3Source 13Source 7Source 4Source 18Source 8Source 9Source 11Source 14Source 5

For the CFTC-covered runs, all proposed transactions must be accepted or none proceed. Prices are identified beforehand and cannot be negotiated in the run. The conditions also prohibit moving cleared risk into uncleared form. These restrictions explain why this process differs from an ordinary execution venue.[11]

CLGM’s 31 July 2026 financial statement says it does not clear swaps for counterparties. For uncleared margin, it describes a segregated collateral account while invoking an exemption from segregation requirements. That specific dealer disclosure should be evaluated with its contract, separately from the portfolio-optimisation service.[7]

The privacy policy covers personal information collected through the site and services. Retention depends on purpose, legal obligations and claims rather than a fixed deletion deadline. For applicable individual-rights requests, it promises a response within one month unless a lawful extension applies; this is not a bulk portfolio-export commitment. It also describes overseas processing and contractual transfer safeguards.[17]

The UK rulebook allows immediate suspension for specified liability, regulatory or material-breach reasons. The Platform Agreement takes precedence over inconsistent rulebook provisions. The operator may share trade terms, excluding valuation data, with participants paired or potentially paired in the same run.[6]