[2017-05-11] ToI: Citadel Securities, XTX Markets join blockchain FX venture

Citadel Securities, XTX Markets join blockchain FX venture Cobalt

http://timesofindia.indiatimes.com/business/international-business/citadel-securities-xtx-markets-join-blockchain-fx-venture-cobalt/articleshow/58628217.cms

Electronic trading houses Citadel Securities and XTX have joined top global banks in signing up to blockchain currency settlement venture Cobalt, they said on Thursday, in what could be one of the first large-scale financial market uses of the technology.

London-based Cobalt, set up by two former bankers, wants to use blockchain, the underlying technology behind bitcoin, to reduce post-trade costs in currency trading, and to speed up the time in which transactions are settled.

It said it will go live with its spot currency trading system in the third quarter of this year.