SETL, the London based institutional payment and settlement infrastructure provider using blockchain technology, announced that it has appointed financial markets executive Philippe Morel as CEO and board member to lead the company. Co-founder and former CEO Peter Randall becomes President and will assist Phillipe with specific responsibility for international business, marketing and investor / public relations.
SETL was launched in July 2015 to deploy a multi-asset, multi-currency institutional payment and settlements infrastructure based on blockchain technology. The SETL system enables market participants to move cash and assets directly between each other, facilitating the immediate and final settlement of market transactions. The SETL system maintains a permissioned distributed ledger of ownership and transaction records, simplifying the process of matching, settlement, custody, registration and transaction reporting.
SETL’s Chairman, Sir David Walker, said:
“We are delighted to welcome Philippe Morel as CEO. He brings a wealth of experience in the capital market, financial, and regulatory spheres and we are very pleased to have attracted such an impressive talent.”
Philippe Morel said:
“I am enthusiastic to be joining SETL at this exciting stage in its development and to have this great opportunity to lead the company through its next phase of innovation and growth. The company has already received significant interest in our OpenCSD product and continues to develop market infrastructures, like IZNES, which now has over 25 major European fund managers participating and is likely to become the largest global blockchain by both value and volume as more managers migrate to it. In addition, a SETL powered CSD has received approval from the AMF (French Financial Markets Regulator) to operate and permission from T2S to connect to the European Securities Settlement System.”