Standard Chartered joins Cobalt post-trade network
UK multinational bank Standard Chartered has signed up to Cobalt’s post-trade technology network.
According to the vendor, the move will allow Standard Chartered’s customers to be connected to the “benefits and cost savings” that Cobalt’s infrastructure provides.
“As a global FX participant, we realise the need for market standardisation,” says Gareth James, macro trading COO at Standard Chartered.
“Within emerging markets, harmonising and centralising post-trade will mean greater efficiency. Cobalt’s technology solution delivers increased automation.
That automation, says James, will allow the bank to “not only realise cost savings” but gain “crucial credit management efficiencies with our counterparties, which is key for our emerging markets.”
Darren Coote, CEO of Cobalt, says that with Standard Chartered, the network is “continuing to diversify with the full scope of FX market participants”.
He adds: “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 was deployed by Citi earlier this month, with the US investment bank using the vendor to underpin its bilateral trading operations. Citi is an existing investor and shareholder in Cobalt.
UK-based derivatives broker Sucden Financial also signed up to the Cobalt network in February.