Cobalt, the shared back and middle office FX infrastructure provider, was named Best Post-Trade Services Provider Of The Year at the annual FX Week e-FX Awards, held last night at the Metropolitan Club in New York.
The awards recognise industry excellence in electronic foreign exchange among banks, brokers, vendors and the buy-side. The prestigious ‘Best Post-Trade Services Provider Of The Year’ award is given to the firm which has developed the best tools and infrastructure to provide excellent post-trade capabilities to the FX market, and shows a continuing appetite for innovation in changing market conditions.
Cobalt was selected as the winner due to its unique solution which 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.
By creating a shared view of trade data, Cobalt frees up back and middle office resources from multiple layers of reconciliation; creating a ‘golden’ portfolio of FX transactions from which to provide multiple services.
The platform takes a fresh approach to financial infrastructure and has been developed to replace the dated middle and back office systems of today, which can be disorderly, inefficient, risk-laden and costly.
Cobalt was selected by an expert judging panel made up of senior financial market consultants, industry analysts and FX Week editor, Eva Szalay.
Andy Coyne, Co-Founder of Cobalt, comments: “We are very pleased to be recognised by the industry for the innovative approach we are taking to address major isssues in post-trade infrastructure. We are working collaboratively with the industry to reengineer the financial markets by developing a unique private network that dramatically reduces risk and post-trade costs for financial market participants by up to 80%.”