SpectrAxe, an all-to-all marketplace for OTC FX options, announced the completion of a Series A funding round led by Susquehanna Private Equity Investments, LLLP (SPEILLLP), a member of the Susquehanna International Group (Susquehanna) of companies, with IMC and CTC as co-investors.
The funding will advance SpectrAxe’s OTC FX options trading transformation through its all-to-all central limit order book (CLOB) platform. Utilizing the CLOB, market participants – from hedge funds to regional banks to global institutions – can trade OTC FX options directly with each other within a single venue, providing a modern alternative to manual chat or phone-based trading, which still accounts for the majority of volume in the FX options market. Building on its early traction, SpectrAxe will expand its global footprint and deliver enhanced functionality to its growing user base.
SpectrAxe’s central limit order book offers new visibility into market interest and access to previously unavailable liquidity sources. The platform’s credit model eliminates traditional barriers while maintaining complete anonymity throughout the trading process, protecting against the information leakage that typically impacts pricing in conventional trading methods.
KEY QUOTES:
“We are incredibly excited to be partnering with Susquehanna, IMC and CTC as we move to the next phase of our business expansion. 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.”
– Scott Greene, CEO of SpectrAxe
“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. This funding will help accelerate their already impressive growth trajectory.”
– Jarrod Boland, Associate Director at Susquehanna International Group
“With reference to reducing barriers to entry for market access and improving operational efficiencies, the platform represents a significant leap forward in the manner in which OTC FX options are traded.”
– George Kalant, CTC Venture Capital Lead
“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.”
– Ramon Puyane, Head of FX Trading at IMC
“What sets SpectrAxe apart is our focus on addressing the structural barriers that have prevented true innovation in FX options. Unlike previous attempts that simply digitized existing workflows, we’ve reimagined how counterparties can interact, creating new possibilities for price discovery and liquidity that weren’t previously possible.”
– Alvin Chopra, COO of SpectrAxe
“The investment by Susquehanna, CTC, and IMC demonstrates the industry’s commitment to advancing FX options market structure. Our investors recognize the tremendous value in creating a more efficient marketplace for an asset class that has been underserved by technology for too long.”
– Alvin Chopra, COO of SpectrAxe
