Signed, Sealed, Delivered

Signed, Sealed, Delivered

Cobalt BrightSide is the platform’s pre-ledger and business intelligence layer built using execution-grade technology. It’s designed to deal with pre-trade credit and post-execution trade events.

The function of this layer is to ensure that trades prior to being posted to the ledger have passed a number of rules established by market participants and credit providers.

Cobalt BrightSide covers the following areas (and more):

  • Credit
  • Matching and Cobalt Unique Transaction creation
  • Trade Enrichment
  • Aggregation
  • Netting (payment and novation)
  • Allocations

These functions are particularly critical for the orderly operation of the FX market, providing the opportunity to reject trades that breach trading terms before they can be posted to the ledger.

Cobalt BlueSky is the shared ledger component of Cobalt’s offering. It is the repository of unique and shared FX contracts that provides access for permitted participants to manage their transaction portfolios and access in house and third-party services to achieve even greater efficiency.

Services include areas such as:

  • Finality services
  • Transaction immutability
  • Multi-lateral compression
  • Transaction cost analysis
  • Regulatory compliance and transparency
  • Risk analytics
  • Business Intelligence
  • Market surveillance

The inability to allocate and manage credit at trading venues in real-time is a major source of risk in the global FX market.

Over the last ten years the number of prime brokers in the FX market has shrunk significantly, as the risk of suffering a major loss from a defaulting client has failed to justify returns. This major risk is driven by the inability to allocate and manage credit at FX trading venues in real-time, meaning the party with the credit risk is often the last to know.

Built for modern, distributed electronic markets and automated trading, Cobalt’s low latency, co-located, credit management platform utilises high-throughput technology to control credit and associated market access rules throughout the trade lifecycle in real-time. It significantly reduces risk for the entire FX market, without disrupting the traditional means of execution.

“We are keen advocates of using new technology to transform market infrastructure, increasing transparency and efficiency for all participants.”

Zar Amrolia

Co-Chief Executive, XTX

“We look forward to seeing Cobalt continue to gain traction in the global post-trade FX market as they pioneer FX technology development, delivering cost- and risk-mitigation benefits to market participants across the world.”

Michael Syn

Head of Derivatives, SGX

“Cobalt’s platform will make currency markets more efficient, particularly in terms of credit and clearing.”

Kevin Kimmel

Global head of eFX, Citadel Securities

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