Citi is the latest bank to go live on the post-trade foreign exchange (FX) infrastructure of London-based Cobalt.
Cobalt’s post-trade FX infrastructure is suitable across the buy side and creates a standardised joint record of all trades, through which the fintech offers a range of back- and middle-office solutions, including credit management, netting and finality services.
Citi is a current investor in and shareholder of Cobalt, whose unified platform for major post-trade services reduces duplication, costs and mitigates risk across the trade lifecycle.
Deutsche Bank, XTX Markets and Saxo Bank went live with Cobalt in September last year, following market development and testing with more than 20 leading financial institutions.
Itay Tuchman, global head of FX trading at Citi, said: “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.”
Darren Coote, chief executive officer of Cobalt, commented: “We are pleased to welcome Citi, one of the largest bilateral FX trading participants. They join major FX institutions, including prime brokers and the largest non-bank liquidity provider, among others, showing Cobalt’s breadth of offering across the FX market.”
IHS Markit invested in Cobalt last year, with the fintech and MarkitSERV committing to developing a shared post-trade infrastructure.