Today, post-trade foreign exchange (FX) distributed ledger platform Cobalt announced it is now live with Deutsche Bank, XTX Markets and Saxo Bank as first clients. The launch follows IHS Markit’s $5 million (£4 million) investment in the startup earlier this year, giving Cobalt access to over 800 FX counterparties which use the MarkitSERV global network.
A key differentiator is Cobalt supports both aggregation and netting reducing the number of transactions that need to be settled.
Conventional post-trade settlement reconciliation is slow. Legacy systems employ manual processes which can introduce errors, resulting in longer delays between parties involved. This also increases the back-office costs related to FX transactions.
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