23 July 2020 – London
The foreign exchange (FX) post-trade infrastructure provider Cobalt, has announced the expansion of its bank investors with Standard Chartered as its latest backer. Having signed as a client on Cobalt’s platform in February, Standard Chartered now joins Citi as an investor in Cobalt’s expanding network.
By creating a single version of a trade and checking credit in real-time Cobalt is able to cut operational costs and reduce credit, settlement and operational risk.
Credit is currently over-allocated in the market and represents significant systemic risk and the Cobalt solution allows for dynamic credit allocation across clients and counterparties to allow full compliance with the FX Global Code.
Bringing new technology into post-trade, Cobalt delivers a high availability, high throughput platform which enables full automation of the trade lifecycle, without the need for additional downstream reconciliation.
Cobalt’s technology has multiple lenses and is able to service interbank, prime, buy-side and bank-to-client relationships. With information security standards on par with a Tier 1 bank, Cobalt allows banks to brand the technology to use for their own clients.