Cobalt DL, the FX post-trade processing network based on distributed ledger technology, today announced that it is partnering with LMRKTS, the New York based FX swap startup, who will become the first firm to offer its services on the shared ledger component of Cobalt’s BlueSky service platform.
The Cobalt platform, with its peer-to-peer network and its single, shared view of a transaction on shared infrastructure, enables clients to minimize risk and reduce reconciliation and operational costs by up to 80% – making it an attractive alternative to costly and inefficient legacy infrastructure.
Cobalt’s distributed ledger technology (DLT) ensures high quality post-trade processing with minimum costs while guaranteeing the delivery of 1 million messages per second and storing transactions on its shared secure global network.
The company’s BlueSky service is a secure repository of unique shared FX contracts that enables third party technology providers, such as LMRKTS, to develop their own applications based on access to Cobalt’s database of reconciled transaction data. Access to the database is subject to governing legal service agreements with Cobalt participants, who retain control over their data.
LMRKTS, whose aim is to drive down exposure and costs for every participant in any asset class and application, has partnered with Cobalt BlueSky to offer improved compression services to Cobalt’s ledger members and existing LMRKTS customers. Compression algorithms of Cobalt’s reconciled transaction data are seamlessly delivered back to Cobalt.
Commenting on the partnership, Lucio Biase, CEO of LMRKTS, said: “We are always on the lookout for industry trusted partnerships that advance the needs of our clients by delivering broader, more innovative product offerings to the market. Secure and rapid access to transaction data, provided by Cobalt and its BlueSky service, will enable LMRKTS to reduce cost, risk and reliance on legacy systems for our expanding client base.”
Adrian Patten, Co-Founder and Chairman of Cobalt, said: “We are delighted to welcome LMRKTS as a BlueSky partner. Our partnership brings together 18 of the leading FX participants to take advantage of LMRKTS improved compression services and is the next step in our mission to cut costs and reduce risk for all market participants. We look forward to increasing the number of collaborations over the coming weeks and months”.