ANZ deploys CobaltFX’s Dynamic Credit platform

Rick Steves

“This new approach to credit management has helped eliminate carve-outs as well as reduce credit usage while improving our market access. This capability benefits our customers, counterparties, and the bank.”

Australia unveiling new law to decimate smaller FX firms

Australia and New Zealand Banking Group (ANZ) has announced its integration with CobaltFX’s Dynamic Credit platform, marking a significant advancement in managing credit exposure for foreign exchange (FX) trades across interbank trading venues.

By adopting CobaltFX’s platform, ANZ aims to streamline the management of credit exposure through a unified global limit set, enabling dynamic distribution of credit availability across multiple trading venues.

Reduce credit usage

CobaltFX, a part of United Fintech, is recognized for its comprehensive solutions in pre and post-trade infrastructure. Its platform empowers financial institutions worldwide to access deeper liquidity pools, utilize less credit, and mitigate operational risk effectively. CobaltFX is committed to ongoing enhancements to its platform, aiming to simplify market access and reduce risks for all participating entities.

David Thorne, ANZ’s Head of eFICC Europe and North America commented: “This new approach to credit management has helped eliminate carve-outs as well as reduce credit usage while improving our market access. This capability benefits our customers, counterparties, and the bank.”

CobaltFX, acquired by United Fintech last year, specializes in dynamic credit and post-trade automation for the foreign exchange (FX) market. It aims to re-engineer the FX world with a focus on credit optimization and post-trade processes. The platform offers a comprehensive solution for credit and post-trade FX infrastructure, aiming to increase profitability, control, and efficiency for financial institutions.

Its Dynamic Credit feature allows for optimized market access and liquidity for clients by shifting from manual over-allocation of credit to automated and real-time dynamic credit distribution. Additionally, CobaltFX’s post-trade automation service seeks to eliminate reconciliation and mutualize operational risks, thus reducing the cost of processing FX business tickets by sharing the process with counterparties and clients.

CobaltFX has garnered recognition for its market innovation and environmental, social, and governance (ESG) initiatives in the FX market. The acquisition and subsequent integration into United Fintech have allowed CobaltFX to benefit from synergies across partner companies, enhancing its global distribution, sales, and marketing efforts. Despite operating independently, CobaltFX’s clients have been successfully migrated onto the United Fintech platform.

It was last week that, as part of a broader executive reshuffle at United Fintech, Darren Coote returned to the role of CEO of CobaltFX.

Darren Coote, CEO of CobaltFX expressed: “It’s a pleasure to welcome ANZ to the CobaltFX community of market leaders who are dedicated to transforming the nature of the FX market by reducing risk and enhancing market access for all.”

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