May 4, 2018 / 10:48 AM / 5 months ago

Singapore Exchange to invest in London-based Cobalt

(Reuters) - Singapore Exchange (SGX)(SGXL.SI) has invested an undisclosed amount in London-based technology business Cobalt, the companies said on Friday.

An SGX sign is pictured at Singapore Stock Exchange July 19, 2017. REUTERS/Edgar Su

Cobalt, which uses technology similar to blockchain, will be used by SGX to streamline foreign exchange transactions, the joint statement said.

“We look forward to seeing Cobalt continue to gain traction in the global post-trade FX market” said Michael Syn, head of derivatives at SGX.

SGX last month posted its highest profit in a decade thanks to strong performance in derivatives and securities for the quarter to March 31.

SGX, a global listing hub for real estate investment trusts and business trusts, is also launching dual-class shares this year.

Reporting by Chandini Monnappa in Bengaluru; Editing by David Goodman

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