The London-based fintech, Cobalt, announced yesterday the launch of Citi on its post-trade infrastructure for bilateral flow.
Citi has been an investor in the Forex post -trade platform, Cobalt, since 2016. Powered by distributed ledger technology (DLT), its infrastructure creates a standardized record of all Forex trades that could be applied to banks, buyside, prime brokers, as well as retail brokers. Cobalt provides shared back and middle office groundwork like credit management, netting and finality services.
The standardization of joint record of all trades will help clients manage all major post-trade services in a consolidated platform. The benefits are reducing duplication, costs and reduction of risk in 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.
Other institutions that are already live on Cobalt include Deutsche Bank, XTX Markets and Saxo Bank.
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