P2P network provider Cobalt DL announced that it will deploy blockchain technology vendor SETL’s OpenCSD service within its foreign exchange (FX) post-trade platform.
SETL is offering its OpenSCD platform in an effort to create a single shared view of FX transactions within Cobalt's FX post-trade system.
Both vendors said this combined service will obviate disagreements and reconciliation problems between participants and is expected to result in significantly reduced costs. The OpenCSD will be a depository of trade information, captured in the Cobalt post-trade reconciliation system.
SETL OpenCSD is able to process high-burst volumes and has the capacity to process many billions of transactions per day.
According to a statement, the record will provide cryptographic proof of a contract and of the parties' agreement to the terms of the trade. Participants will be able to retrieve details of their own trading activity from the ledger in a manner that absolutely verifies their inclusion in the shared record, but does not allow them to examine other participants' activities.
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