Signed, Sealed, Delivered

Signed, Sealed, Delivered

Cobalt Core Ledger

The function of the Cobalt Core Ledger is to ensure that trades have passed a number of mutually agreed rules established in Cobalt’s system by market participants before being posted to the shared ledger. The Cobalt Core Ledger covers the following areas:

  • Matching, confirmations and trusted Cobalt Unique Transaction (CUT) creation
  • Trade netting
  • Trade aggregation
  • Trade enrichment
  • Finality
  • Shared ledger database

Prior to trades being posted on the ledger, they must pass a multitude of checks to create the CUT. From the CUT all other lifecycle events can be performed to optimise FX portfolios and these functions are particularly critical for the orderly operation of the FX market. This means that all trades posted onto the shared ledger are pre-reconciled and enriched in a standardised format.

Cobalt’s shared ledger is the platform’s database of CUT records. These are stored and referenced for clients to perform further lifecycle events before being sent downstream for payment. The shared ledger provides clients with a segregated view of their transactions, meaning all users are working from the same data set. This removes any room for extra reconciliation as any potential errors are flagged during the CUT creation process and amended.

Cobalt Core Credit Module

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. The Cobalt Core Credit Module is built to service all trading relationships, not just prime brokerage. It significantly reduces risk for the entire FX market and increases liquidity 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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