Cobalt, SETL Partner for Distributed-Ledger Solution

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.