BNP Paribas has expanded its partnership with CobaltFX by deploying the firms recently-launched CobaltFX analytics solution. CobaltFX says that BNP Paribas is now covering in excess of 100 counterparty banks across 12 ECNs and the use of the analytics package allows it to hone its use of credit even further by highlighting where it can be reduced, while at the same time expanding the bank’s ability to trade in the markets. “We see this as an important initiative to address regulatory and industry body concerns about the over-allocation and inefficiencies of credit distribution on dealer-to-dealer venues,” says Joe Nash, head of global macro digital at BNP Paribas. “Moreover, this approach, combined with CobaltFX analytics allows us to right size our limit for each counterparty whilst improving market access with them.” Darren Coote, CEO of CobaltFX, adds, “This systemic problem has been long over-looked but there are a group of leaders in the industry that understand the benefits of this unique approach. We are very grateful for BNP Paribas’ leadership in this regard.”
