Over the last few years, the foreign-exchange (FX) post-trade infrastructure provider Cobalt has designed and built a secure 24/7 middle office platform, which it is delivering for some of the industry’s largest participants.
One of the sizeable changes in the market over the past few years is the rise of digital assets and how they are making their way into the forefront of currency trading. This trend has been accelerated by the decision of the OCC (US Banking Regulator) to allow US banks to hold digital assets. Major FX institutions are now looking to trade digital assets, yet enterprise standard post-trade infrastructure in this market is virtually non-existent.
Cobalt adds digital assets to platform
For these participants to enter this market at scale it is critical to ensure the correct management of credit and data, to which end Cobalt is now bringing its innovative post-trade and credit FX solutions to the digital asset market.
Cobalt is already connecting to the leading digital exchanges on behalf of clients and offering full credit and ledger services for all currencies and digital assets. Cobalt clients are able to see their full portfolio of positions and risk across both fiat currencies and digital assets, available to clients across all segments. Cobalt’s middle office platform is used by the FX markets leading Prime Brokers, Liquidity Providers, Retail Brokers and Exchanges
With a full microservice architecture and 24/7 operations, Cobalt’s solution is fully compliant with the FX Global Code and Tier 1 financial participants’ information security and regulatory requirements.
“The rise of digital assets has gone from strength to strength in the past years and has moved from being an asset traded on the periphery, to being at the forefront of FX participant plans.” – Adrian Patten, Co-Founder and Chairman of Cobalt.
“Participants today can no longer ignore the position of digital assets in the market and those who do are in danger of missing out on sizeable trading opportunities due to the 24/7 nature of the market. Major exchanges have started to translate this to the FX market, with some offering trading over the weekends. 24/7 operability has always been a priority to Cobalt. As digital assets continue their rise and influence over the FX market, participants are going to need to adapt to new ways of doing business.”
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