The post-trade infrastructure provider Cobalt has today announced that Sucden Financial is joining Cobalt’s post-trade technology network for its FX business.
Cobalt’s post-trade infrastructure creates a single trusted set of standardised trade data from which Sucden can utilise Cobalt’s range of middle and back office trade solutions, including its Core Credit module. Sucden is accessing Cobalt’s broad range of services via IHS Markit’s connectivity service.
According to a statement by Sucden, post-trade FX processes are currently siloed and unfit for modern markets. This is highlighted within credit management, where processes can be opaque and create high risk of exposure to credit owners alongside problematic pricing.
Cobalt’s Core Credit solution offers a centralised credit management tool for all relationship types, allowing credit owners to control and manage lines using real-time monitoring tools.
Gavin Parker, COO, Sucden, says: “We continually enhance our services, utilising the latest technology to increase efficiencies for clients. Cobalt provides an exciting, cutting-edge solution, enabling us to further expand our institutional FX offering.”
Darren Coote, CEO of Cobalt, adds: “Credit management within FX has long been a problematic area for all market participants. With further adoption of Cobalt’s technology across a variety of market participants, we are working towards centralised infrastructure for the future of FX.”