Cobalt, the foreign exchange  (FX) post trade infrastructure, has announced that Citi will go live on its platform for bilateral trading.

Cobalt’s infrastructure is applicable across a variety of FX trading types, including banks, buyside, prime brokers and retail brokers.

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In addition, it also creates a standardised joint record of all FX trades. From this, Cobalt offers a number of back and middle office solutions such as credit management, netting and finality services.

Itay Tuchman, Citi’s global head of FX trading, said: “Cobalt’s platform will help make the processing of FX trades more efficient and automated, supporting dynamic distribution and optimisation of credit lines and delivering benefits to the control environment.”

Citi will continue as an investor and shareholder of Cobalt.

Through Cobalt’s platform, customers can manage major post-trade services in a unified platform. This reduces duplication, costs and mitigates risk across the trade lifecycle.

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Darren Coote, Cobalt CEO, said:  “We are pleased to welcome Citi, one of the largest bilateral FX trading participants. They join major FX institutions, including PBs and the largest non-bank liquidity provider, among others, showing Cobalt’s breadth of offering across the FX market.”

In September 2019, Deutsche Bank, XTX Markets and Saxo Bank went live on Cobalt’s platform.

Citi Wealth Builder 

Cobalt and Citi’s partnership comes after the US bank announced the roll-out of Citi Wealth Builder. Citi’s new product is a cut price digital investment platform incorporating professionally managed portfolios.

In addition, Citi Wealth Builder clients can open an account with an initial investment of $1,500.

The product also levies no advisory fees for Citi Priority and Citigold clients. Additional accounts apply an advisory fee of 0.55%.