Cobalt, a London-based back and middle office infrastructure provider, announced that it will be hosting its systems in the BT Radianz Cloud.
The Cobalt system delivers this shared infrastructure by using a combination of an immutable shared ledger and low latency technology in a bid to “significantly reduce post-trade cost and risk for the financial markets”. By creating a shared view of trade data, Cobalt seeks to free up back and middle office resources from multiple layers of reconciliation; creating one immutable record of FX transactions from which to provide multiple services.
BT Radianz Cloud, meanwhile, is one of the world’s largest secure networked financial communities linking thousands of brokers, institutions, exchanges and clearing and settlement houses globally.
By hosting its systems in the Radianz Cloud, Cobalt says that it will benefit from a ready-to-exploit global market reach, ability to scale and a commercial structure that enables it to meet the requirements of its target customers — large financial institutions. The firm also says that Radianz’s connectivity and managed hosting services help meet its strict service level agreements and customers’ high security requirements.
Michael Woodman, managing director, Radianz Services, at BT, says: “The Radianz Cloud is a catalyst for innovation, giving institutions access to the very latest technologies and services via a platform and commercial framework built for the exacting demands of the global financial markets. With the launch of Cobalt’s new low-latency private network services, the Radianz Cloud community can now benefit from blockchain technologies supporting encryption, digital signatures and consensus to deliver a single, immutable record for each trade. This will create new efficiencies for institutions in what were previously admin-heavy post-trade processes.”
Adrian Patten, co-founder and chairman of Cobalt, comments: “While other firms in the blockchain space have been experimenting with the technology, we have designed, built and tested a solution to a very specific and pressing challenge in FX and are now making it live with BT Radianz. This will give Cobalt the scale and reach it needs on tap, backed by BT’s experience and capability of delivering solutions to large financial services organisations. It’s an ideal platform for growth and will help us achieve our aim of revolutionising the post-trade space in the biggest financial market in the world.”
Cobalt is offered as two solutions hosted independently in Radianz Cloud centres in London and New York.