DIGITEC Announces Acquisition of E-Trading Services Provider Modular FX

DIGITEC, a specialist provider of FX Swaps technology and data, announced the acquisition of e-trading technology and consulting services firm Modular FX.

Under the acquisition agreement, several Modular FX directors have formally joined DIGITEC. Stephan von Massenbach​ joined DIGITEC as Chief Revenue Officer in 2021, and Howard Grubb joined as Product Lead for E-Trading in July 2022. They are both based in DIGITEC's London office.

Peer Joost​, who joined DIGITEC as CEO last January, commented: "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."

Stephan von Massenbach, Chief Revenue Officer at DIGITEC, said: "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."

Howard Grubb, Head of Electronic Trading Products at DIGITEC, said: "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. 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."