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Cobalt, the FX post-trade infrastructure provider Cobalt, has announced that Standard Chartered is the latest client to sign.
Cobalt’s growing client list now includes Citi, Sucden Financial, Deutsche Bank, XTX, Saxo and Standard Chartered.
“Within emerging markets, harmonising and centralising post-trade will mean greater efficiency. Cobalt’s technology solution delivers increased automation, which will allow us to not only realise cost savings but gain crucial credit management efficiencies with our counterparties, which is key for our emerging markets,” said Gareth James, Macro Trading COO at Standard Chartered.
“This latest addition to Cobalt’s network being one of the world’s major emerging market banks, with Standard Chartered, the network is continuing to diversify with the full scope of FX market participants. As the network grows, real-time cost savings will be realised by all our clients, and due to the central management of post-trade our clients can start to layer additional optimisation solutions that will have a positive impact on balance sheet usage,” said Darren Coote, CEO of Cobalt.
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.”
TransFICC, the specialist provider of low-latency connectivity for Fixed Income and Derivatives Markets, recently won ‘Best Communication Infrastructure Provider’ at the American Financial Technology Awards (AFTAs).
The AFTAs recognise excellence in the deployment of financial technology in asset management and investment banking. Waters Technology has been hosting the awards for the past 15 years.
Launched in 2016, TransFICC specialises in API translation and connectivity technology, to address the three issues of fragmentation, market data throughput and MiFID II/R regulation. Its ‘One API for eTrading’ delivers low latency, scalable and secure connectivity for banks and the buy-side trading in the fixed income and derivatives markets.