The foreign exchange post-trade infrastructure provider Cobalt, has today announced that Standard Chartered is the latest client to sign.
As an emerging market bank, this move will allow more market participants to experience the benefits and cost savings that Cobalt’s infrastructure provides.
Gareth James, Macro Trading COO at Standard Chartered, said: “As a global FX participant we realize the need for market standardization. Within emerging markets, harmonizing and centralizing post-trade will mean greater efficiency. Cobalt’s technology solution delivers increased automation, which will allow us to not only realize cost savings but gain crucial credit management efficiencies with our counterparties, which is key for our emerging markets.”
Darren Coote, CEO of Cobalt, commented: “This latest addition to Cobalt’s network being one of the world’s major emerging market banks, with Standard Chartered, the network is continuing to diversify with the full scope of FX market participants. As the network grows, real-time cost savings will be realised by all our clients, and due to the central management of post-trade our clients can start to layer additional optimisation solutions that will have a positive impact on balance sheet usage.”
Cobalt has re-engineered post trade FX workflows from the ground up to reduce cost and risk for all FX market participants – including banks, buyside, market makers and retail brokers.
Post trade FX infrastructure has become siloed, dated and unfit for modern, high speed electronic markets.
Cobalt’s unique platform means trades are matched into a single, joint record that eliminates any further reconciliations. Our low latency ledger of standardised data then forms the backbone for Cobalt to provide all major back and middle office services such as credit management and trade finality.
About Standard Chartered
We are a leading international banking group, with a presence in 60 of the world’s most dynamic markets, and serving clients in a further 85. Our purpose is to drive commerce and prosperity through our unique diversity, and our heritage and values are expressed in our brand promise, Here for good.
Standard Chartered PLC is listed on the London and Hong Kong Stock Exchanges as well as the Bombay and National Stock Exchanges in India.