Baton Systems, the market solution that aims to transform asset movements and settlements, has revealed that William (Bill) Coen, former Secretary General of the Basel Committee on Banking Supervision, has joined the company as Senior Advisor.
Coen’s appointment has been announced as Baton scales its operations in order to support rising demand for secure tech-driven services to address operational and settlement risk, lower capital usage and address intraday funding requirements, according to a release shared with Crowdfund Insider.
As stated in the announcement:
“Coen’s deep and comprehensive understanding of prudential standards were developed over a 35-year career in financial regulation, which included serving with the Board of Governors of the Federal Reserve System and a 20-year tenure at the Bank for International Settlements (BIS) in Basel, Switzerland.”
While working as Secretary General and Chair of the Basel Committee’s Policy Development Group, Coen “spearheaded the Basel III post-crisis reforms.”
The secure Baton network is reportedly being used by established financial institutions (such as G-SIBs) in order to handle the movement of “billions of dollars of cash and securities on a daily basis.”
The announcement also mentioned that Coen’s experience will “support the company’s accelerated growth plans and the delivery of robust, zero-friction processes across additional payment and settlement workflows.”
William Coen remarked:
“I’m really pleased to be on-board. Baton’s innovative application of DLT is proving transformational. As a former regulator, it is pleasing to see this secure technology enable banks to reduce settlement risk, while increasing transparency and auditability. I’ve spent the vast proportion of my career developing prudential standards, it’s great to now be involved with a company that is enabling all firms to safely settle their FX trades.”
Arjun Jayaram, CEO and Founder of Baton Systems, noted:
“I’m delighted to welcome Bill to Baton, his familiarity with the regulatory requirements impacting risk management, capital adequacy and funding regulations is second to none. Being at the helm of a rapidly maturing business that is serving clients challenged by these very requirements, in an environment with increasing FX trading volumes and unrelenting cost constraints, Bill’s counsel has already proved invaluable as we embark on the next stage of our journey.”
Coen’s appointment to the Baton Senior Advisory Board adds to solid line-up of industry professionals “following the recent appointments of former CFTC chairman, Christopher Giancarlo, and Citi’s former Global Head of Futures, OTC Clearing, and FX Prime Brokerage, Jerome Kemp, in the past ten months.”
As mentioned in the update, Baton Systems is “transforming the movement of financial assets across the world’s largest financial markets.”
Offering on-demand synchronization and orchestration of asset movements, Baton introduces “zero friction processes to enable financial institutions to achieve real time, risk-less payments and settlements, and eliminate pre-funding requirements – to increase capital efficiency and operational resiliency whilst reducing cost.”
Established in 2016 by Silicon Valley techies and capital market experts, the Baton platform has been “deployed by several of the world’s largest global financial institutions, connecting them to custodians and nostro providers and the world’s biggest CCPs.” Baton facilitates the movement of “billions of dollars of cash and securities every day.”