Solace, the leading provider of open data movement technology, announced today that Cobalt, which aims to reduce the cost, risk and complexity of FX post-trade processing, is using Solace to facilitate the event-driven flow of information.
“By harnessing the relevant elements of distributed ledger technology, our private network significantly reduces post-trade cost and risk for financial market participants,” said Cobalt CEO Andy Coyne, who has been at the forefront of FX technological innovation for over two decades. “FX is a high speed, high throughput market, and Solace plays a mission-critical role by guaranteeing the rapid, reliable delivery of massive amounts of information.”
Cobalt’s solution combines best-of-breed technologies to create a robust, cost-effective post trade processing service. Solace enables the fast, efficient, guaranteed delivery of information, acting as a buffer for high rates of inbound messages.
Cobalt selected Solace technology for its unique ability to guarantee the delivery of very large volumes of messages while protecting downstream systems from high burst rates during periods of exceptional market volume and volatility.
“Cobalt is an excellent example of how today’s increasingly open approach to computing lets innovators combine technologies to disrupt industries and better serve customers,” said Solace CEO Craig Betts. “I’m proud that our technology is uniquely capable of facilitating the mission-critical flow of event-driven information between technologies that’s letting Cobalt drive innovation into the foreign exchange business.”