Financial watchdog, Autorite des Marches Financiers, has given SETL the green light to operate a blockchain-powered central depository. With the license approval, SETL should be at the forefront of the utilization of blockchain technology on securities.
SETL OpenCSD
SETL OpenCSD is an ideal blockchain system for the financial markets rather than cryptocurrencies. Designed as a permission ledger, only trusted parties would be able to access its content. The restriction takes security on the platform to another level.
The UK-based startup digital ledger technology seeks to enhance the current inefficient back office settlement process. Likewise, the proposed blockchain central depository system should help trim the amount of collateral in payment systems around the world. The company is already reporting increased interest in the OpenCSD product.
The depository will connect SETL to Target2-Securities engine. Consequently, it should offer a centralized delivery-versus-payment settlement across the securities market. Plans are already underway to take the proposed central depository system live early next year. However, official approval for the link to the T2S platform should be clear soon.
The OpenCSD is not the only product from SETL to receive the much needed regulatory approval. Similarly, the company’s other market infrastructure IZNES also continues to experience increased traction.
Over 25 major fund managers are already using the record-keeping solution. Similarly, it is on course to become the largest global blockchain in volume and value. Its value could inch a notch higher on managers coming on board as the platform continues to gain traction.
CEO Appointment
Separately, SETL has confirmed the appointment of Philippe Morel as the new Chief Executive Officer. He takes over from Co-Founder Peter Randall who stepped down. The senior partner at Boston Consulting Group will oversee the firm’s international business. He will also oversee marketing and investor relations.
“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,” SETL said in a statement.
SETL casts itself as a multi-currency payment company focused on blockchain technology. Launched in 2015, SETL strives to make it easy for people to move cash and others assets with ease.
Likewise, it simplifies the process of matching and transaction reporting. It does all this by maintaining a distributed ledger of all transactions.
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