Sucden Financial adopts post-trade foreign exchange infrastructure of blockchain company Cobalt

Cobalt, a blockchain-based post-trade infrastructure provider, announced Wednesday that Sucden Financial has become the latest foreign exchange business to join the company's post-trade technology network. Cobalt's purpose is to redesign the foreign exchange infrastructure and processes after the transaction. To this end, the system's automated technology matches all versions of the transaction into a "trusted copy". By creating a trusted copy, the infrastructure generates an immutable forex trading data set. Under the agreement, Sucden Financial will be able to leverage Cobalt's range of back-office trading solutions, including its core credit module. This is achieved through IHS Markit's connection service.