On November 23rd, Neo Capital Markets SV SA was registered by the Spanish CNMV as a regulated investment firm allowed to deal with FX derivatives.
Neo is now authorised to advise European clients on foreign exchange risk management and will be allowed to offer FX trades execution from its proprietary platform www.getneo.com.
Neo is one of the first B2B fintechs to have reached this level of regulatory approval, which allows the digitalisation of a large scope of hedging solutions for corporates.
Neo executive founding team left to right: Nuria Molet, Laurent Descout, Emmanuel Anton, and Ian Yates
Neo’s clients will have 100% digital access to hedging instruments normally sold by banks (such as FX forwards, swaps and options). Neo’s platform will also propose pre-defined solutions for specific issues faced by corporates (budget hedging, foreign investment hedging, accounting hedging, automated order management). All solutions will be accessible via API.
In addition to an efficient execution, Neo will offer decision-making solutions such as real-time market rates streaming, unlimited live operation blotters or extended roles and permissions.
Corporates will be able to hedge their risk over 90 currencies in a simple and transparent fashion.
Through its investment firm status, Neo increases the level of security usually offered by B2B fintech firms. For example, clientswillbenefitfromaccesstotheinvestment guarantee fund and abest execution guarantee.
At present, Neo will operate in the UK under the European passport and may seek FCA regulation depending on the final outcome of Brexit. The UK is a key market for Neo which closed its first funding round with UK investors earlier this year and has development labs in London and Cambridge.
Laurent Descout, CEO & co-founder, said:
“Getting regulated for investment services is not just a significant milestone for Neo, but for the fintech industry in general. There are almost no independent investment firms in Europe and few are 100% FX B2B focused. We are proud to be one of the first fintech that is MiFID II compliant as it is a mark of safety for our clients. We are now in great shape to help corporate clients operating cross-border, through advisory and the automation of executing FX hedges.
Being able to access a large scope of instruments (forwards, swaps and options) is key to building turnkey solutions.We will also pursue our partnership policy with institutional clients searching digitalisation.”
In the press:
Front cover of the 29th Nov 2018 issue of Expansión (left) and article detailing Neo’s CNMV authorisation (right)
The Neo Group was created in 2017 by Laurent Descout, Emmanuel Anton, Nuria Molet, Ian Yates, Mathias Ifergan, and Matthew Pilling. Neo aims at gathering into a single one-stop shop the full scope of corporate banking services in order to contribute to the digital transformation of treasury departments. Our solutions are 100% proprietary, simple to use and fast to implement.
The Neo Group has its headquarters in Barcelona and employs 20 people between Barcelona, London and Cambridge.
The group is composed of Neo Capital Ventures SL, Neo Capital Markets SV SA and Neo Fintech Lab SL.
NEO Capital Markets SV SA has headquarters in Barcelona. It handles market operations and is regulated as Investment Firm. It is registered with the Spanish market authority (Comisión Nacional del Mercado de Valores or CNMV) under firm number 283.