Today Cobalt announced that Citi plans to start using its foreign exchange (FX) post-trade platform, which is powered by distributed ledger technology (DLT). The bank first announced an investment in Cobalt back in 2016. Other high profile users include Deutsche Bank and Saxo Bank, and it counts IHS Markit and the Singapore Exchange as investors.
The main benefit is that DLT provides a single source of truth or as Cobalt calls it, “a standardised joint record of all FX trades”. Ultimately this cuts down on costs and time spent on reconciling different back offices.
“Cobalt’s platform will help make the processing of FX trades more efficient and automated, supporting dynamic distribution and optimisation of credit lines and delivering benefits to the control environment,” said Itay Tuchman, Citi’s Global Head of FX Trading.
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