Cobalt, the FX post trade infrastructure, has announced today that Citi intends to go live on its infrastructure for bilateral trading. This is in addition to Citi alrteady being a shareholder in Cobalt.

Deutsche Bank, XTX Markets and Saxo Bank are already live on the platform.

Cobalt’s infrastructure creates a standardised joint record of all FX trades, from which it offers back and middle office solutions such as credit management, netting, and finality services.

By embracing a joint, standardised record of all trades, clients can manage all major post-trade services in a unified platform. This reduces duplication, costs and mitigates risk across the trade lifecycle.

Itay Tuchman, Citi’s Global Head of FX Trading, said: “Cobalt’s platform will help make the processing of FX trades more efficient and automated, supporting dynamic distribution and optimisation of credit lines and delivering benefits to the control environment.”

Darren Coote, CEO of Cobalt, commented: “We are pleased to welcome Citi, one of the largest bilateral FX trading participants. They join major FX institutions, including PBs and the largest non-bank liquidity provider, among others, showing Cobalt’s breadth of offering across the FX market.”