Standard Chartered has gone live on Cobalt’s platform for prime brokerage, having signed to its network in February 2020.
The multinational bank is also an investor in the FX network operator, having joined Citi as the vendor’s second client-side backer in July 2020.
Cobalt claims to have built a 24/7 platform for post-trade infrastructure. The firm has recently expanded its operations to include digital assets, and is targeting cryptocurrency exchanges as potential clients.
“Standard Chartered’s presence in the Cobalt network has been of great value to our business,” says Andy Coyne, chief product officer and co-founder of Cobalt.
Coyne says the deal exemplifies his firm’s versatility and ability to apply services to multiple market participants.
He adds: “This past year has shown that the need for fully automated solutions is essential.
“Institutions have been hampered by antiquated services across their middle office for some time now.
“They are beginning to wake up to the realisation of the time and cost burden this represents.”
Gareth James, macro trading chief operating officer (COO) at Standard Chartered, said in February 2020 noted a need for market standardisation in FX.
“Within emerging markets, harmonising and centralising post-trade will mean greater efficiency. Cobalt’s technology solution delivers increased automation.”
That automation, said James, will allow the bank to gain “crucial credit management efficiencies […] key for our emerging markets.”