Cobalt, the foreign exchange infrastructure based on shared ledger technology, is now live with Deutsche Bank, XTX Markets and Saxo Bank. Darren Coote, CEO of Cobalt, says, “Having the backing of these three different FX players, one an established bank that has been innovating for over 20 years, a new breed of electronic market-maker and […]
Galen Stops charts the ups and downs of FX prime brokerage over the past 20 years and looks at how this segment of the market might be ripe for innovation going forward. Ask anyone who has been around in the FX market for the past 20 years to list the key developments that have shaped […]
Spotex, a developer of FX technology systems and ECN, has hired Kevin Gillespie as director of institutional sales. In his new role, Gillespie, who is based in London, is set to cover institutional and broker clients as well as banks, primarily in Europe. Reporting to John Miesner, executive managing director and global head of sales […]
Cobalt has published its core pricing and has committed to not increase prices in the future without client approval. Cobalt is set to charge $300,000 per annum for its core ledger license and its core credit license. The Cobalt unique transaction (CUT) identifier will be priced at two cents per trade or 0.5 cents per […]
Cobalt, which provides FX infrastructure based on shared ledger technology, has hired five senior staff in its London and New York offices.Bob Linton, based in New York, has been named head of connectivity and onboarding at Cobalt. He joins following a 13-year stint at market infrastructure technology provider, Traiana.Dan Evans has been appointed as product analytics lead, having previously spent seven years as a director of FX trading at UBS and also working as the director of his own consultancy.
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.
The comparison between blockchain technology and the early days of the Internet is one that is perennially made in articles and at industry conferences, but is it accurate or even helpful?
This was the question posed to Cristina Dolan, co-founder and COO of InsureX, and Adrian Patten, the co-founder and chairman of Cobalt, at the Forex Network Chicago conference.
“The Internet was a lot easier to deal with because it was a linear process: you had a database, there were users, you had a web interface and although you were still training people how to use the web interface, you could control that whole ecosystem that you put up, you just had to drive people to the page,” said Dolan.
For all the hype and excitement around distributed ledger technology (DLT), speakers at the Forex Network Chicago conference debated the real value of decentralised systems such as blockchain.
“If you’re trying to build a business you need to make it cheaper, quicker, with better customer services and hopefully allow people to have more access. Let’s be honest, blockchain fails on nearly all of those things,” asserted Adrian Patten, co-Founder and chairman of Cobalt.
Patten added that the existing system for agreeing contracts has some elements that are beneficial, such as mediation, that decentralisation doesn’t necessarily allow for. By contrast, he described some of the things that he’s witnessed in the decentralised crypto trading space as “bloody scary”, adding: “A lot of these exchanges are being run on laptops and they’re lucky if they have Excel”.
Cobalt, the FX post-trade processing network based on shared infrastructure, has appointed Anoushka Rayner as global head of sales and business development.
Rayner brings over 20 years of experience in the FX industry to Cobalt. She most recently worked as business manager and global FX sales specialist at Traiana. Prior to this, Rayner was a sales director at smartTrade Technologies and was the global head of FX option sales at FXCMPro, the institutional arm of FXCM.
At Cobalt, Rayner will be responsible for managing the firm’s commercial relationships and will play a key role in scaling up the business as it gets ready for its launch later this year.
FX post-trade processing network provider Cobalt has appointed FX industry veteran Darren Coote as managing director.
Coote has been working with Cobalt since the end of 2017 as a strategic advisor and will now take on responsibility for the day to day management of the company. The firm says the appointment comes at a key time for Cobalt as the company launches and looks to significantly scale its business. Coote brings over 25 years’ experience in the FX business to Cobalt.