Sucden Financial has joined Cobalt’s post-trade technology network, according to an official announcement. The post-trade infrastructure creates a single trusted set of standardized trade data from which Sucden Financial can utilize Cobalt’s range of middle and back-office trade solutions, including its Core Credit module.
Cobalt’s Core Credit solution offers a centralized credit management tool for all relationship types, allowing credit owners to control and manage lines using real-time monitoring tools. Core Credit addresses credit management issues within post-trade FX processes, which can be opaque and create a high risk of exposure to credit owners alongside problematic pricing.
Gavin Parker, Chief Operations Officer at Sucden Financial, said: “We continually enhance our services, utilizing the latest technology to increase efficiencies for clients. Cobalt provides an exciting cutting-edge solution, enabling us to further expand our institutional FX offering.”
Darren Coote, Chief Executive Officer at Cobalt, commented: “Credit management within FX has long been a problematic area for all market participants. With further adoption of Cobalt’s technology across a variety of market participants, we are working towards centralized infrastructure for the future of FX.”
Sucden Financial is accessing Cobalt’s broad range of services via IHS Markit’s connectivity service.
Cobalt is a post-trade services provider powered by distributed ledger technology. The firm has recently entered the market it has already signed a number of big institutional named under to its portfolio of clients. The firm has also made important executive hires over the years to help the company re-engineer the FX market which is currently riddled with complex legacy systems and manual processes.
In 2019, Cobalt appointed New York-based Bob Linton as head of connectivity and onboarding. The market infrastructure technology expert with 13 years of experience at Traiana, is responsible to help institutions upgrade their technology for post-trade FX operations to Cobalt’s high performance shared ledger technology.
In addition, the firm appointed Dan Evans as Product Analytics Lead to focus on product innovation and reporting. For Information Security Manager, the company picked John Fitzgerald, an industry veteran with over 15 years in risk and security management who led information security at Rathbone Brothers Plc. The company also appointed Nitin Talway, a former executive at Bank of America Merrill Lynch, RBS/Natwest Markets and Credit Suisse, as Head of Support.
