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.
As Cobalt prepares to go live, its founders reflect on the difficulty for banks to innovate like they used to, why blockchain technology in its traditional format is ill-suited to processing FX transactions and why shared infrastructure is – finally – a reality.
The first thing that Andy Coyne and Adrian Patten, the co-founders of Cobalt, are keen to emphasise is that the system that they have built is very real and is already up and running. Currently, Cobalt has live transactions from 12 banks going through the system and is due to go into full production this year. They insist that “full production” whilst a technical reality is really only when the final paperwork and vendor risk management (VRM) documents get final sign-offs.
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.
In this week’s In the FICC of It podcast, after last week’s confident prediction of a German World Cup win Profit & Loss’ managing editor Colin Lambert puts a hex on another team by predicting them as winners and editor Galen Stops volunteers to play fact checker on statements made by panellists at a conference.
They also discuss this week’s news, including the Global Foreign Exchange Committee meeting, BNY Mellon launching an options business, the latest from the crypto world and the latest evidence (unproven) of regulatory arbitrage involving Australia and the US.
On a more sombre note they also pay tribute to FX industry veteran Paul Chappell, who passed away this week, with a couple of lighter hearted stories involving him.