The partnership aims to offer a shared post-trade infrastructure, which is meant to replace legacy technologies and manual processes. The infrastructure is also design with a purpose to reduce operational risks to the FX market. However, the financials details have not been disclosed.
Moreover, the collaboration will be done through IHS Markit’s MarkitSERV network, which comprises more than 800 FX counterparties and venues. The network will integrate Cobalt’s back and middle office platform that utilises a combination of shared ledger and low latency technology.
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