Cobalt, the foreign exchange (FX) post-trade processing network, has secured a strategic investment from the Singapore Exchange (SGX).
SGX’s investment will support the continued expansion of Cobalt’s presence into the FX space, boosting technology development.
Cobalt’s solution leverages highly optimised technology alongside an in-house immutability service based on distributed ledger technology (DLT) to deliver a shared back and middle office infrastructure that is scalable, secure and fast.
Adrian Patten, co-founder and chairman of Cobalt, commented: “SGX’s investment is a testament to our innovative application of technology in the FX space. Our platform addresses pain points faced by almost every institution that trades FX: the unnecessary cost and risk associated with post-trade processing. Singapore is an important global hub for FX and we are delighted to welcome SGX on board as we continue to expand our footprint in the region.”
Michael Syn, head of derivatives at SGX, said: “We are pleased to be supporting this important FX market infrastructure, which is complementary to our growing FX futures business and a natural fit for SGX given our own commitment to product and platform innovation.”
Henry Ritchotte, strategic advisor to Cobalt, added: “Exchanges around the world continue to invest in the critical infrastructure underpinning financial markets. This collaboration between a major Asian exchange and an innovative firm that has developed a unique high performance, DLT solution is a major step forward in upgrading the systems our industry relies on to operate efficiently, safely and cost-effectively.”
