The foreign exchange post-trade infrastructure provider Cobalt, has today announced that Standard Chartered is the latest client to sign.
As an emerging market bank, this move will allow more market participants to experience the benefits and cost savings that Cobalt’s infrastructure provides.
Gareth James, Macro Trading COO at Standard Chartered, said: “As a global FX participant we realise the need for market standardisation. Within emerging markets, harmonising and centralising post-trade will mean greater efficiency. Cobalt’s technology solution delivers increased automation, which will allow us to not only realise cost savings but gain crucial credit management efficiencies with our counterparties, which is key for our emerging markets.”
Darren Coote, CEO of Cobalt, commented: “This latest addition to Cobalt’s network being one of the world’s major emerging market banks, with Standard Chartered, the network is continuing to diversify with the full scope of FX market participants. As the network grows, real-time cost savings will be realised by all our clients, and due to the central management of post-trade our clients can start to layer additional optimisation solutions that will have a positive impact on balance sheet usage.”