Financial technology firm Cobalt has won the e-FX initiative of the year award at the annual FX Week Awards.
The FX Week e-FX Awards recognise industry excellence in electronic foreign exchange among banks, brokers, vendors and the buy-side. Cobalt was chosen for its private peer-to-peer network that harnesses the potential of distributed ledger technology to reduce post-trade cost and risk for FX market participants.
Legacy post-trade infrastructure is duplicative, inefficient and unfit for today’s FX market. Cobalt’s technology creates a confirmed, shared and normalised portfolio of trade data, freeing up back and middle office resources currently devoted to reconciliation by ensuring that there is only one immutable version of each contract.
Cobalt’s innovative technology integrates with all trading venues and executing parties and delivers immediate cost and efficiency benefits. Since launching the firm has secured investment from Citi, First Derivatives and Digital Currency Group and has signed up 22 institutions to the platform, including two of the world’s biggest FX traders, Citadel Securities and XTX Markets.
Andy Coyne, Co-Founder of Cobalt, comments: “This award is testament to the completely fresh approach we’ve taken to post-trade technology. Unlike incumbent players in the FX post-trade space we have no legacy technology to protect, so we have been able to work collaboratively with the industry to make cost-effective, shared infrastructure a reality in a very short space of time.”