Sucden Financial signs up to Cobalt post-trade technology network
UK-based derivatives broker Sucden Financial has signed up to Cobalt’s post-trade technology network.
Sucden Financial will use the standardised trade data inherent in the network to underpin its foreign exchange (FX) business.
Cobalt’s range of middle and back office trade solutions, including its Core Credit module, are being made available to the broker.
“We continually enhance our services, utilising the latest technology to increase efficiencies for clients,” says Gavin Parker, COO of Sucden Financial.
“Cobalt provides an exciting cutting-edge solution, enabling us to further expand our institutional FX offering.”
Sucden Financial is accessing Cobalt’s services via IHS Markit. The latter invested in and partnered with Cobalt at the start of 2019, the two firms combining to offer a shared post-trade infrastructure.
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.
“Credit management within FX has long been a problematic area for all market participants,” says Darren Coote, Cobalt CEO.
“With further adoption of Cobalt’s technology across a variety of market participants, we are working towards centralised infrastructure for the future of FX.”