Blockchain Startup SETL Obtains License To Connect To European Settlement System

News | October 25, 2018 By:

London-based blockchain startup SETL has received a license from the French securities regulator to operate a blockchain-based central securities depository system.

Launched in 2015, SETL is a multi-asset, multi-currency institutional payment and settlements infrastructure based on blockchain technology. It enables market participants to move cash and assets directly between each other, facilitating the immediate and final settlement of market transactions. The company’s system maintains a permissioned distributed ledger of ownership and transaction records, simplifying the process of matching, settlement, custody, registration and transaction reporting.

The new license from the Autorité des Marchés Financiers will allow SETL to connect to the TARGET2-Securities (T2S) platform, a European securities settlement engine which offers centralised delivery-versus-payment (DvP) settlement in central bank money across all European securities markets.

Official approval for Setl to join the T2S platform will be issued in a few weeks, and the securities depository system is expected to be launched in early 2019.

SETL also announced that it has appointed financial markets executive Philippe Morel as its new CEO. Co-founder and former CEO Peter Randall will step into the role of company president and will assist Morel with specific responsibility for international business, marketing and investor/public relations.

“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,” Morel said. “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.”