The Full FX Unfiltered

In the first video in the Unfiltered series to be published in 2024, Colin Lambert sits down with Andy Coyne, founder of Cobalt FX, to discuss an issue raised by Coyne himself and one that continues to dominate the derivatives industry – that of potential single points of failure in the FX post-trade space.

The interview, recorded at the launch of CobaltFX’ Trade Notification Network, goes into the reasons behind the launch, and how it will work, before moving on to the broader issue of cyber security following the Ion hack – an event described by Coyne as a “wake-up call”.

Coyne discusses the potential impact on the trading business of a market participant from such a breach, reiterating the need for a positive feedback loop into credit from something as simple as confirmation that a trade had settled.

The conversation closes out by looking at inter-operability in the post-trade space, with Lambert keen to understand the risks – as well as the benefits – of such an approach.