Three go live on Cobalt’s shared FX ledger
Technology provider aims to reduce trade reconciliations for Deutsche, Saxo and XTX
Deutsche Bank, Saxo Bank and XTX went live with Cobalt’s ledger this week, buying into a system that purports to offer savings of 80% in back-office costs if market participants are prepared to steer away from multiple layers of trade reconciliation and instead adopt a shared ledger to reconcile FX transactions.
The technology provider says more than a dozen other top FX players are set to join shortly.
“Market participants are waking up to the fact that a centralised post-trade infrastructure
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