Cobalt has strengthened its ranks with the appointment of FX industry veteran Darren Coote, who joins the group as a strategic advisor and investor. The addition of Coote comes amidst an expansion of Cobalt’s shared back and middle office platform, which has seen growing traction across the FX industry.
Mr. Coote is no stranger to the FX industry, having worked for over twenty-five years in the segment. He lands at Cobalt, an FX pre- and post-trade processing network which has seen a healthy growth in its product suite over the past year. This includes over twenty institutions that have already signed up for its platform, including major FX trading banks, as well as venues Citadel Securities and XTX Markets.
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Adrian Patten, co-founder of Cobalt, commented on the appointment: “Darren’s extensive and varied experience in the global FX industry adds invaluable expertise to our advisory board. His investment is another vote of confidence from a leading FX market player as we move towards our live launch later this year.”
Indeed, as a strategic advisor and investor to Cobalt, Mr. Coote will lend his expertise and understanding to Cobalt’s advisory board. His resume includes several leading roles in the eFX and trading space, including stops at UBS and Lloyds, among others.
Additionally, he has been an integral part of FX boards and committees including the Bank of England’s FX Joint Standing Committee and EBS’s executive board prior to the company’s sale to ICAP in 2006.
“Post-trade FX technology has remained stagnant for too long, but Cobalt offers a genuinely viable and innovative alternative to the outdated infrastructure the industry is forced to use today. I look forward to playing a part in the next stage of the company’s development as we help to address an urgent market need,” added Mr. Coote.