Sir David Walker joins SETL as chairman
SETL, the UK based institutional payment and settlement infrastructure based on blockchain technology, has today announced the appointment of Sir David Walker as chairman. The SETL system will enable 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.
Sir David Walker is a former executive director of the Bank of England and has served as the chairman of Barclays, Morgan Stanley International, the Securities and Investment Board and as deputy chairman of Lloyds TSB. Before his career in financial markets, Walker served as an assistant secretary to the Treasury, for the UK Government. Walker is also a senior member of the influential G30 group which considers and promotes advancements in international payments and settlements.
“I am very pleased to accept this position with SETL,” said Walker. “Blockchain is an important advance in settlement technology and SETL has a compelling proposition for its deployment. By simplifying the process of payments and settlement SETL should be able to deliver significant operational efficiencies which will benefit all market participants and, most importantly, reduce costs borne by savers and investors.”
Peter Randall, who has led the establishment of SETL along with with Anthony Culligan, said: “Sir David Walker has an unrivalled depth of experience in finance and his guidance in this project will be invaluable. We are excited to have him accept this post as it strengthens our proposition immeasurably. Sir David will take an active role in leading the board and will support the executive team in their implementation of this new and exciting technology.”
SETL has also announced the appointment of Professor Philip Bond as head of their Cryptography and Cyber Security committee. Bond is visiting Professor in the Departments of Engineering Mathematics and Computer Science at Bristol University, specialising in cryptography. He is also a Visiting Fellow in the Oxford Industrial and Applied Mathematics Centre (OCIAM) at the University of Oxford. He has degrees in Physics, Applied Non-Linear Analysis, Finance and Pure Mathematics. Professionally, he has worked as an arbitrage trader at a number of city institutions.
Bond will draw together the leading expertise in cryptography and computer security to form an advisory committee which will assist in the design and implementation of the cryptographic methods to enhance the privacy, security and robustness of the SETL technology.
Both appointments are to commence when SETL has completed its fundraising.
SETL’s fundraising efforts will be managed by Caroline Silver at the specialist investment bank, Moelis & Company. Moelis & Company, founded by Ken Moelis in 2007, employs 450 bankers in 17 offices worldwide and has specialist expertise in the financial sector, capital markets, mergers and acquisitions and restructuring. Silver recently advised on the $2.2 billion sale of London Metal Exchange and on the $8.2 billion sale of NYSE Euronext.