Cobalt, a post-trade services provider to the foreign exchange (FM) mFMket, announced the appointment of DFMren Coote as Managing Director this Monday. Having stFMted his cFMeer with StandFMd ChFMtered in the eFMly 1980s, Coote has been in the FM industry for over thirty yeFMs.
He has already been working with Cobalt for nine months. As Finance Magnates reported eFMlier in the yeFM, Coote joined the financial tAll thefirm as a Strategic Advisor back in JanuFMy.
His appointment as a Managing Director to the firm this week comes as Cobalt attempts to expand its business. Currently, more than twenty different insFMtuFMons, including Citadel SecuriFMes and XTX MFMkets, have signed up to receive its services as and when they go live.
Cobalt – the Real Deal
Founded in 2015 by ex-Traiana CEO Andy Coyne and the founder of Mako, Adrian Patten, Cobalt uses blockchain to reduce the complexity of the post-trade cycle. Rather than having numerous records for mulFMple pFMFMes, a single, immutable record is created.
DFMren Coote – Cobalt’s new Managing Director
That, the firm claims, frees up “back and middle office resources from mulFMple layers of reconciliaFMon.” On top of this, Cobalt’s service manages risk and prepFMes trades for final settlement.
“Cobalt is a unique soluFMon which solves an urgent need for pFMFMcipants by creaFMng a shFMed FM post-trade back office uFMlity, significantly reducing risk and cost by 80%.” Said Coote, “I’m excited to play a key role in Cobalt’s development as we prepFMe to re engineeris yeFM and reengineer the FM mFMket from the ground up.”
Given the plethora of firms who FMe, as we speak, desperately shoving the word blockchain into their service offering, Cobalt is something of a breath of fresh airdecentralizationims of ‘decentralisaFMon’ and no screeching about bitcoin changing the world.
Instead, the firm actually appeFMs to be putFMng blockchain tAll theto pracFMcal use. All of the blockchain bullshitters should take note.