21 August 2017
Find out more

Not a prototype or POC; CobaltDL to deploy SETL ledger at live launch

26 October 2016  |  6218 views  |  0 Numbers

Peer-to-peer FX trading startup Cobalt DL is to deploy OpenCSD, the permissioned ledger based platform from SETL to create a shared view of trade data for market participants.

Cobalt DL is primed for launch in 2017 with 15 leading institutional FX participants already committed to the service.

The collaboration will see Cobalt DL creating a single, shared view of each FX transaction using SETL’s OpenCSD Platform. The immutable record is expected to reduce cost, complexity and inefficiency in the current FX post trade space, where a single trade creates multiple records for all parties, including buyers, sellers, brokers and clearers.

The record will provide cryptographic proof of a contract and of the parties’ agreement to the trade terms. Participants will be able to retrieve details of their own trading activity from the ledger, while other participants’ data is screened off from general view.

Andy Coyne, co-founder of Cobalt DL says: “The FX market requires systems to be able to achieve high burst transaction throughputs per second with daily capacity in the millions. SETL were able to demonstrate resilient working technology comfortably processing at both high burst and steady state speeds and in excess of 1.4 billion transactions a day - an absolute necessity in the high volume FX market. The SETL OpenCSD platform provides a real-world interface and API structure that will allow us to fully integrate it into our solution.”

The system is currently in beta testing ahead of live deployment. Peter Randall, CEO of SETL emphasises: “This is not a proof-of-concept or a prototype; it will be a revenue generating implementation of distributed ledger technology.”

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

SETL launches OpenCSD platform to rewire post-trade processing

SETL launches OpenCSD platform to rewire post-trade processing

01 June 2016  |  6192 views  |  0 comments | 3 tweets | 10 linkedin
SETL and Computershare to apply blockchain tech to share ownership records

SETL and Computershare to apply blockchain tech to share ownership records

28 April 2016  |  7213 views  |  0 comments | 9 tweets | 7 linkedin
SETL commences fundraising; appoints former BofE exec Sir David Walker as chairman

SETL commences fundraising; appoints former BofE exec Sir David Walker as chairman

15 December 2015  |  5100 views  |  0 comments | 7 tweets | 2 linkedin
FIX sets up blockchain Working Group; SETL busts 1billion transactions per day

FIX sets up blockchain Working Group; SETL busts 1billion transactions per day

12 October 2015  |  10278 views  |  0 comments | 17 tweets | 12 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.dorsum.eudownload the paper nowvisit www.niceactimize.com

Top topics

Most viewed Most shared
Mobile contactless spending accelerating in UKMobile contactless spending accelerating i...
10746 views comments | 24 tweets | 23 linkedin
hands typing furiouslyWhy Is Risk Analytics Important?
8969 views 0 | 5 tweets | 1 linkedin
Norwegian banks and startups form fintech clusterNorwegian banks and startups form fintech...
8900 views comments | 19 tweets | 23 linkedin
RBS to bring Silicon Valley to EdinburghRBS to bring Silicon Valley to Edinburgh
8625 views comments | 10 tweets | 7 linkedin
Barclays pairs banking data with third party apps for SmartBusiness DashboardBarclays pairs banking data with third par...
8598 views comments | 19 tweets | 23 linkedin

Featured job

Find your next job