Cobalt says Citi intends to go live on its infrastructure for bilateral trading. Applicable across a variety of FX trading types – including banks, buyside, prime brokers and retail brokers – Cobalt’s infrastructure creates a standardised joint record of all FX trades. From this unique data set, the firm offers a multitude of back and middle office solutions such as credit management, netting, and finality services.
Cobalt says that by embracing a joint, standardised record of all trades, clients can manage all major post-trade services in a unified platform and as such dramatically reduce duplication, costs as well as mitigate risk across the trade lifecycle.
Citi will continue as an investor and shareholder in Cobalt. “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,” says Itay Tuchman, Citi’s global head of FX trading.
Darren Coote, CEO of Cobalt, adds, “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.”