IHS Markit is partnering with Cobalt through its MarkitSERV business to deliver and sell post-trade processing services for FX, and is also making a strategic investment in the firm.
“In working together, MarkitSERV and Cobalt will offer a shared post-trade infrastructure designed to replace legacy technology and manual processes, bringing increased efficiency and reduced operational risk to the FX market,” says IHS Markit in a release issued today.
The integration between the firms is already complete, with trade data flowing from customers and trading venues via MarkitSERV into the Cobalt platform.
“This collaboration marks the start of a major transformation in FX infrastructure,” says Chris Leaver, managing director and head of FX at MarkitSERV. “The majority of the FX industry is already integrated with the MarkitSERV network and we now offer the community turnkey access to the Cobalt platform and the opportunity to radically streamline post-trade workflows. This partnership is a natural extension of MarkitSERV’s core strategy of centralising and normalising post-trade processing across all asset classes.”
“Joining forces with IHS Markit will allow us to rapidly scale our solution and deliver a state–of–the–art shared middle and back office infrastructure to the global FX community, dramatically improving efficiency across the board,” says Adrian Patten, co-founder and chairman, at Cobalt. “For too long, FX has been burdened by an aging, inefficient post-trade environment. Our high performance technology has been designed to replace legacy infrastructure and inefficient processes, as well as significantly slash cost and risk for this five trillion dollar a day market.”