SETL, a London-based payment and settlement infrastructure provider using blockchain technology, has named Philippe Morel as CEO and board member.
As part of the appointment, co-found and former CEO Peter Randall will take on the role of president and will assist Morel with some responsibilities for international business marketing and investor relations.
The SETL system enables market participants to move cash and assets directly between each other, facilitating the immediate and final settlement of market transactions.
It also maintains a permission distributed ledger of ownership and transaction records, simplifying the process of matching, settlement, custody, registration and transaction reporting.
According to Morel, the SETL powered central securities depository has received approval from the AMF, the French Financial Markets Regulator, to operate and permission from T2S to connect to the European Securities Settlement System.
Commenting on the new CEO, David Walker, SETL’s chairman, 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.”
Morel added: “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."
